Self-employed, what records do I need to keep?

Taxfile > Self Assessment > Self-employed, what records do I need to keep?
11th Oct
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If you are self-employed, you will need to keep records to be able to calculate your profit/loss for when you submit your tax return.  All the records that are used to calculate your tax return should be kept for 5 years minimum, in the eventuality that HMRC investigate a return and require evidence.  You should keep records of;

 

  • all expense receipts for goods, stock, and services required to run your business
  • bank statements, cheque books, & paying-in stubs
  • Sales invoices, till receipts, credit card reports and bank slips
  • statement from any other income, such as investments, shares, or stocks

 

If your records are lost, stolen or destroyed you need to inform HMRC when submitting your tax return that the figures are estimated.

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