Gross business takings/earnings (3 line accounts)

HM Revenue & Customs (HMRC), National Insurance Contributions and Employer Office (NIC&EO) will accept simplified accounts known as 3 line accounts from taxpayers whose business have a gross turnover of less than £79,000 per year. Accurate business records still need to be kept.

3 line accounts should show:

• gross business takings or earnings, including any commissions or tips
• total expenses
• net profit figures

Follow the link below for further guidance on 3 line accounts.

Self Assessment – what you need to know about using the
three line account