Difference between revisions of "Tax filing in the UK"

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Revision as of 11:30, 19 November 2008

Information from [HM Revenue http://www.hmrc.gov.uk/sa/rec-keep-self-emp.htm]:

Documents to keep

You should keep documents containing details about your pay and tax that your employer provides, including:

  • your P45 - keep part 1A of this form
  • your P60 - pay and tax details for the tax year
  • details of your expenses and benefits, such as a company car or health insurance - your employer will give you these using form P11D
  • your payslips or pay statements
  • certificates for any Taxed Award Schemes
  • information about any redundancy or termination payment

Basic records you must keep

Your basic records will normally include:

  • a record of all your sales, with copies of any invoices you've issued
  • a record of all your business purchases and expenses
  • invoices for all your business purchases and expenses, unless they're for very small amounts
  • details of any amounts you personally pay into or take from the business
  • copies of business bank statements

Other records you must keep

All businesses are different and there are many specific types of detailed record that may need to be kept. Some examples of records you should keep include:

  • cash book
  • petty cash book
  • order notes and invoices
  • copy sales invoices
  • details of any other business income received
  • details of any private money brought into the business
  • till rolls or other form of electronic record of sales
  • details of any other income
  • any cash taken out of the till to pay small business expenses
  • bills and invoices for purchases and expenses
  • a record of stock on hand at the end of the year
  • all bank and building society statements, pass books, cheque stubs and paying-in slips which include details of business transactions

All this information will be useful in completing your Self Assessment return. You'll need to keep certain records and hold on to them for several years so that you can back up the information you put on your return.