Happy Books. Happy Business.

Keeping records

Keeping records makes sound business sense. It may seem like a challenge, particularly when you're starting out, but it will bring real benefits to your business. Good record keeping will help you avoid paying too much tax, as well as penalties and interest for paying too little tax. It also makes filling in your tax return easier and quicker, helps you budget for tax payments, and gives you information to manage your business better.

The key is to get a proper system in place from the outset, and update the information regularly. And once you’ve got the record-keeping habit, you’ll find it’s one you won’t want to break.

Get yourself set up

Watch this short video from HM Revenue & Customs on keeping records – it could well save you time and money.

Scroll down the list until you find the video called ‘Keeping Records’. It’s part of a series of 10 videos, all of which give easy-to-follow overviews on a range of common tax issues.

FAQs

Why do I need to keep business records?

What records do I need to keep (self employed)?

How do I set up a basic record keeping system?