Business records if you're self-employed
What records to keep
You바카라 사이트檒l need to keep records of:
- all sales and income
- all business expenses
- VAT records if you바카라 사이트檙e 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 that:
- your records are accurate
- you can identify business transactions
You might be able to use a personal or business bank account for your business. Check with your bank which type of account you can use for business transactions.
Keep proof
Types of proof include:
- all receipts for goods and stock
- bank statements, chequebook stubs
- sales invoices, till rolls and bank slips
If you바카라 사이트檙e using traditional accounting
As well as the standard records, you바카라 사이트檒l also need to keep further records so that your tax return includes:
- what you바카라 사이트檙e owed but have not received yet
- what you바카라 사이트檝e committed to spend but have not paid out yet, for example you바카라 사이트檝e received an invoice but have not paid it yet
- the value of stock and work in progress at the end of your accounting period
- your year end bank balances
- how much you바카라 사이트檝e invested in the business in the year
- how much money you바카라 사이트檝e taken out for your own use