Record keeping (self-employed) You must keep accurate records for your business. For example, your accounts, records of tax you have paid and all other records of your income and outgoings. You'll need these to help you fill in your Self Assessment tax return or to answer any questions from HM Revenue & Customs (HMRC). Small self-employed businesses may be able to use 'cash basis' accounting, based on the money going in and out of your business, rather than traditional accounting methods that cover stock on hand, amounts owed and so on. Find out more about the cash basis on GOV.UK (Opens new window) You can claim flat rate expenses for vehicles, use of home for business and use of business premises as a home. Read about simplified expenses on GOV.UK (Opens new window) On this page: Business records you may need Keeping up-to-date and accurate records from the start is important for your business.
Records you must keep Your business records must include: Records you may need How to keep your records Keep detailed records. Top. Record-keeping.
The Corporation Tax Act 2010. The Taxation (International and Other Provisions) Act 2010. Starting a business. On this page you will find links to guidance on what you need to do for tax and National Insurance purposes when you start up a business as a self-employed person, a partnership or a limited company. You will also find links to additional help and support HM Revenue & Customs (HMRC) offer new businesses.
On this page: What you need to do when you start a business Follow the links below to guidance on what you need to do for tax and National Insurance purposes when you start a business including return filing and paying deadlines and what records you must keep. Self-employed tax and National Insurance Tax returns for partners and partnerships Starting up a limited company Getting started with VAT PAYE for employers Construction Industry Scheme Record keeping Importing and exporting goods and services Top Help and support for new businesses HMRC's help and support for businesses When you need to send payments and tax returns A calendar giving you all the dates of key tax deadlines in one place.
Register a new business. Tax Law Rewrite.