Guide

Business records if you're self-employed

Last updated: 16 May 2017

What records to keep

You'll need to keep records of:

Why you keep records

You don't need to send in 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

If you're using traditional accounting

As well as the standard records, you'll also need to keep further records so that your tax return includes:

  • what you're owed but haven't received yet
  • what you've committed to spend but haven't paid out yet, eg you've received an invoice but haven't 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 you've invested in the business in the year
  • how much money you've taken out for your own use
Business records if you're self-employed
What records to keep