What records must I keep?
If you work for yourself, you have to pay tax and National Insurance.
You’ll need to keep:
- records of all the money that comes into your business
- receipts for all the money you pay out (e.g. for items you buy for your business, petrol receipts, phone and fuel bills, business rents etc.)
- your bank statements.
You must tell HM Revenue and Customs as soon as you start working for yourself. The easiest way is to call the Helpline for the Newly Self-Employed on 0845 9 15 45 15. Please note, if you delay telling them that you’ve become self employed, you may have to pay a penalty of £100.
