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.