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