UK How to handle restart of self-employed status


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Hello,

I have recently re-registered as self-employed with HMRC, with my first return being 2018/19.

I have previously been self-employed once in the past, which I de-registered for around 4-5 years ago. For the last couple of years of that period, I used Xero accounting for my bookkeeping. I have decided to start using Xero again this time around as well. I logged in to my old account, which contains a single "organisation" with all the data from my previous period of self-employment. My common sense tells me that just starting to enter new data into this organisation may not be a good idea. What's the best way to handle this? Should I start a fresh organisation and keep the old one just for record-keeping? Should I just re-use the existing organisation, and if so, is there anything I should do first?

If it's relevant at all - I have a separate business bank account which I use for my self-employed transactions to keep it separate from my personal banking. The business account was set up as a bank feed within Xero. I've kept the account open from when it was used previously, but it laid pretty much dormant. I've now started using this same account again since re-registering.

Any advice greatly appreciated.

Dan
 
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Fidget

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Probably best to start with a clean slate as your previous organisation effectively ceased trading.
 

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