Keeping records

Keeping accurate and up-to-date records is essential to provide you with information about how your business is performing. It also helps when obtaining finance and preparing tax returns.

Keeping good records is good for your business and is a legal requirement, so it is important to get a proper system in place from the beginning.

You must update the information regularly - penalties have been introduced for not taking reasonable care with records and tax returns, so you need to keep accurate records.

HM Revenue & Customs (HMRC) offers a range of guidance on record keeping to help meet your specific tax needs.

For basic information try:

• Giving your business the best start with tax (PDF 543K)
• Keeping records - a quick guide

For more detailed guidance try:

• Record keeping for individuals and directors
• Record keeping if you're self-employed
• Record keeping for partners and partnerships
• Corporation Tax records
• VAT records