As we’re approaching the end of the 2019/20 tax year, did you know that your self-employed business records need to be kept for 5 years after the 31st January 2021? Which means that you will have to continue to store your records (for the 2019/20 tax year) until the end of January 2026!

If your records are lost, stolen or destroyed, you must do your very best to either recreate the transactions or provide figures for your tax return. You will need to tell HMRC if your figures are provisional or estimated.

If you are registered for VAT or PAYE your records will  need to support your business sales, expenses and PAYE or VAT records.

HMRC may ask to see:

  • Receipts for goods or stock 
  • Bank statements, cheque book stubs
  • Copies of sales invoices, till rolls and bank paying in slips 

If your accounts are produced using an accruals method, HMRC may ask to see additional records that provide details of:

  • Your debtors – ie what you are owed but have not received yet 
  • Your expenditure commitments that have yet to be paid. Ie your creditors – invoices that have been received but not yet paid
  • The value of stock and work in progress at the end of your accounting period 
  • Your year-end bank balances 
  • How much you have invested in the business in the year 
  • How much money you’ve taken out for your own use. 


If your records are in a digital format, ensure you backup each year’s transactions so you can provide details if required.

To find out more about this article please contact us.