If you’re Self Employed you need to keep business records of your income and expenses. This is to enable you to produce a set of Accounts and/or prepare your Self Assessment tax return.
This applies if you’re self-employed as a:
- sole trader, or
- partner in a business partnership
You’ll also need to keep records of your personal income.
If you’re the nominated partner in a partnership, you also need to keep records for the partnership.
There are different rules on keeping records for limited companies.
What business records to keep
You’ll need to keep records of:
- all sales and income
- all business expenses
- VAT records if you’re registered for VAT
- PAYE records if you employ people
- records about your personal income
- your grants, if you claimed through the Self-Employment Income Support Scheme – check how much you were paid if you made a claim
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.
What counts as business records
Types of business records include:
- Purchase invoices
- Receipts for goods and services
- bank statements, chequebook stubs, paying in books
- sales invoices, till rolls and bank slips
Help with Business Records
Contact us now if you need help with this or any other aspect of your Self Assessment Tax.
Or just email us if you want our:
- New Business Start-up Checklist, or;
- Business Plan Template, or;
- Help with
Achieving Success with your business
If you’re just starting your new business venture or struggling with the steps to the next level contact us now.
We can help you with this and much more
Get ready for success with Moore Financial Management
We can help you with all of your compliance obligations such as:
- Self Assessment Tax
- Making Tax Digital
- Corporation Tax
- Filing Accounts
- Payroll and Pensions
But also the things you really need to increase the chances of your business being a success
- Management Accounts
- Cashflow Reporting & Forecasting
- Real Time up to the minute information
These are the things that add value and the information you need in order to make the correct business decisions
If you’re not confident with any of this or don’t have the time, getting a licensed accountant to do it for you can actually save you money. It can free up your valuable time which you can use to concentrate on your business. You can also benefit by knowing it has been done correctly and on time.
Mistakes can be costly.
As can missing deadlines.
Self Assessment threshold change
The Government have announced that, from the 2023 to 2024 [...]