SELF EMPLOYED BUSINESS RECORD KEEPING

What records to keep

You’ll need to keep records of:

• all sales and income
• all business expenses
• VAT recordsif you’re registered for VAT
• PAYE recordsif you employ people
• records about your personal income
• your grant, if you claimed through the Self-Employment Income Support Schemebecause of coronavirus

Why you keep records

You do not need to send your records in when you submit your tax return but you need to keep them so you can:

• work out your profit or loss for your tax return
• show them to HM Revenue and Customs (HMRC) if asked

You must make sure your records are accurate.

Keep proof

Types of proof include:

• all receipts for goods and stock
• bank statements, chequebook stubs
• sales invoices, till rolls and bank slips

 

https://www.gov.uk/self-employed-records/what-records-to-keep