Question: What Records Do You Need To Keep When Self Employed?

How long do I need to keep self employed records?

How long to keep your records.

You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year.

HM Revenue and Customs ( HMRC ) may check your records to make sure you’re paying the right amount of tax..

Do I need to keep paper records for HMRC?

There are no rules on how you must keep records. You can keep them on paper, digitally or as part of a software program (like book-keeping software). HMRC can charge you a penalty if your records are not accurate, complete and readable.

Do I need an accountant if I am self employed?

No, you don’t have to turn to an accountant when you are self-employed. You can complete your own tax returns and so on.

What records do I need to keep if I am self employed?

Business records that self-employed people must keep for Self Assessment purposes are: Sales and business income information. All business expenses….You should also record:Employee leave and absences.Tax code notices.Expenses or benefits.Any documents pertaining to a Payroll Giving scheme you may have.