The Self Assessment tax system requires taxpayers to maintain proper records to support the entries on their Tax Return Forms, and penalties may be imposed for failure to do so. As well as being a legal requirement, good record keeping is essential if up to date and accurate information is to be available for you to base your decisions on. Without such information on which to base a business strategy, it can be very difficult to develop a coherent business strategy, and the business is likely to suffer as a result.

We have prepared our own Guide to Record Keeping for the Self-Employed that is available on to download free. If this guide does not answer all your questions, then you should contact us (see below).