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Bookkeeping for Sole Traders

Posted: 13 March 2015

Bookkeeping for Sole Traders

You must keep records of all your business's income and expenses for your self assessment if you are a sole trader.

What records to keep
*   Monthly Income - sales invoices
*   Monthly expenditure - all business expenses
*   VAT records if registered for VAT
*   Paye records if you have employees
*   Monthly bank statements

If you work from home, some of your household expenditure may be tax-deductible.

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.

If you require help with your annual bookkeeping please contact Louise.

Categories for this article

  • Sole Traders
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