... is to ensure that everyone understands and receives what they are entitled to and understands and pays what they owe, so that everyone contributes to the UK's needs. In delivering our core purpose, the Inland Revenue is responsible, under the overall direction of Treasury Ministers, for the efficient administration of direct taxes plus tax credits, child benefit, national insurance contributions and stamp duties together with the collection of student loans and National Minimum Wage enforcement." Sole Traders, by law, are not legally required to keep accounts based on its own stock, wages, etc BUT it is required to keep accounts on the taxes listed above (V.A.T., Corporation Tax, National Insurance Contributions and Income Tax). The same applies to a partnership, i.e. an organisation with Two to Twenty People owning the business. Anymore than 20 people who contribute capital to an organisation are considered as a different 'type' of business. They can be ...

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