But the exact form of accounts is not laid down by law. In practice, this means you do not have to produce a balance sheet.
It would, however, be advisable to do so to impress your tax inspector or bank manager and to help you to keep a proper check on the financial position of your business.
It may also help you if you need confirmation of income from your business – for example, to get a mortgage to buy a house or make contributions to some personal pensions
If you are someone that is self employed and a sole trader then getting your accounts prepared correctly and producing a balance sheet starts from only £99.00