Tel: 01736 795753
This email address is being protected from spambots. You need JavaScript enabled to view it.

Business record keeping for the self-employed

Source: HM Revenue & Customs | | 19/03/2019

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.

For tax purposes, the business records must be held for at least 5 years after the 31 January submission deadline for the relevant tax year. For example, for the 2017-18 tax year, when online filing was due by 31 January 2019, you must keep your records until at least the end of January 2024. In certain situations, such as when a return is submitted late, the records must be held for longer.

If you are self-employed you should keep a record 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

You don't need to keep the vast majority of your records in their original form. If you prefer, you can keep a copy of most of them in an alternative format, as long as they can be recovered in a readable and uncorrupted format. For example, a scanned PDF document.

If records are no longer available for any reason you must try and recreate them letting HMRC know if the figures are estimated or provisional. There are penalties for failing to keep proper records or for keeping inaccurate records.



Search Archive


Latest News

On your e-bike
11/06/2019 - More...
The Cycling Minister, Michael Ellis, has announced a number of changes to the Cycle to Work scheme

HMRC cancels penalties charged to 6,000 families
11/06/2019 - More...
The High Income Child Benefit Charge (HICBC) was introduced in January 2013 and applies a charge to

HMRC blocks phone fraudsters
11/06/2019 - More...
Fraudsters have been blocked from using HMRC’s most used helpline numbers after the

Search

Our Address

Greenwood Wilson
The Old School
The Stennack
St Ives
Cornwall
TR26 1QU

Contact Us

tel: 01736 795753
fax: 01736 798642
This email address is being protected from spambots. You need JavaScript enabled to view it.

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login