VAT / PAYE
VAT / PAYE
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It’s best to get record keeping right from the start. It will help you get better control of your business and help ensure you are claiming all the expenses and allowances you are entitled to. Besides, failure to do so can result in penalties from HMRC. What to keep:
The cash basis & simplified expenses scheme can also be used. This is designed for businesses with a turnover below the VAT threshold and the records kept will include details of money actually paid & received. For cars, the business can use a mileage rate instead of claiming running costs.
How long to keep records
Typically this will be 5 years & 10 months after the end of the tax year to which the tax return relate e.g. the tax return & related records for y/e 5.4.2020 will need to be kept until 31.1.2026.
Self-Employed pages ► Self Employed sole traders ■ Registration and National Insurance ■
Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ T: 01332 202660
Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd. Registered in England No. 05770414
Registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants auditregister.org.uk 8011438
61 Friar Gate Derby DE1 1DJ