Record Keeping for the Self Employed

You must keep records of your business income and outgoings for your Self Assessment return if you're self-employed as a:

sole trader
partner in a business partnership
As a nominated partner you must keep records for the partnership itself.

Records you must keep
The records you must keep depend on whether you're using:

traditional accounting
cash basis or simplified expenses schemes - from the 2013 to 2014 tax year onwards
Traditional accounting (accruals basis)

Records for your tax return must include:

a record of all your sales and takings
a record of all your purchases and expenses
This might include:

business assets you've bought (eg stock, equipment)
value of stock and work in progress at the end of your accounting period
details of payments to employees (eg wages, expenses, benefits)

   • Record Keeping for the Self Employed  

business vehicle and travel costs
interest from any bank or building society accounts
other money coming in, eg money you invest in your business

Learn More on:
   • HM Revenue & Customs