What records should a new sole trader keep from day one?

I want a simple system that will still make sense at year end.

About this guidance: My Business Path prepared and reviewed this general guidance as a practical starting point. It is not advice tailored to your circumstances. Check current official guidance or ask a qualified professional when the decision depends on your circumstances.

Prepared by My Business Path

Report

Practical guidance

1 practical responses

My Business Path starting point

Keep dated income and expense evidence, business mileage where relevant, invoices, bank records and a consistent category system. Use current HMRC guidance for retention rules.

My Business Path

Report answer

Want to answer? Request contributor access.