Set up a simple weekly routine
- Choose one regular time each week to update records.
- Keep business and personal transactions clearly identifiable.
- Record income and expenses while the details are still fresh.
Keep evidence with each transaction
- Save invoices issued and record when they are paid.
- Keep receipts and supplier invoices with the related expense.
- Add a short note where the business purpose is not obvious.
Review before month end
- Check the bank balance date and investigate missing transactions.
- Review uncategorised items rather than accepting uncertain suggestions.
- Reconcile paid invoices, imported income and transfers to avoid double-counting.
Prepare for tax and accountant review
- Keep records for the retention period that applies to your circumstances.
- Review income, allowable-expense categories and mileage evidence.
- Share organised records with your accountant and ask what else they require.
Continue your research
For current UK tax rules and record-keeping requirements, check official HMRC guidance or speak with a qualified accountant.
HMRC self-employed records guidance