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What Records Should Self-Employed Keep for Tax in the UK?

Staying on top of your tax records isn’t just good practice, it’s a legal requirement for UK business and the self-employed. Here’s what to track, how long to keep it, and the easiest tools to help.

📁 1. Income Records

You must record all income from freelance work, including:

  • Invoices issued
  • Bank deposits
  • PayPal/Stripe summaries
  • Platform earnings

👉 Use a dedicated business bank account to keep income clear.

💳 2. Business Expenses

Track everything you claim as a deduction:

  • Equipment and software
  • Travel and mileage
  • Office/studio rent
  • Phone, broadband, subscriptions
  • Insurance and accounting costs

👉 Stay organised with a dedicated tool.

🗓️ 3. Mileage and Travel

Log any business-related travel:

  • Date, destination, purpose
  • Miles driven (45p per mile for the first 10,000 miles)

Even short client visits can add up, keep a simple spreadsheet or use tools like QuickBooks Self-Employed.

📄 4. Invoices & Receipts

HMRC may ask for proof, so keep:

  • Copies of all invoices (sent and received)
  • Receipts for expenses
  • Digital copies are fine (scan or photo)

📅 5. How Long Should You Keep Records?

You’re legally required to keep tax records for at least 5 years after the 31 January submission deadline of the relevant tax year.

So for 2024/25 taxes, keep your records until 31 January 2031.

📌 Final Thoughts

Keeping solid records doesn’t have to be stressful. The right tools and systems make tax time much easier, and protect you in case of HMRC checks.


Want More Guidance?

Visit the Self-Employed & Small Business Security Resources UK Homepage


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