What records should self-employed people keep in the UK?

Why records matter

Keeping good records is one of the simplest and most useful habits you can build as a self-employed person. It helps you feel clearer about your money, makes Self Assessment easier, and gives you a real picture of how your year is going.

GOV.UK says sole traders and partners must keep records of business income and expenses for Self Assessment. Even if your income is small, clear records save time and stress later.

Income records to keep

Income records show what you earned. Keep track of:

Invoices you send to clients or customers
Bank statements showing payments received
Records of cash payments
Any other income related to your self-employed work

Note the date, amount, and source of each payment. A simple spreadsheet or notebook works well, and SelfYear can help you keep everything in one place.

Expense records to keep

Expense records show what you spent to run your work. Keep track of:

Equipment, tools, and materials
Software, subscriptions, and services
Travel and vehicle costs related to work
Marketing, website, and advertising spend
Phone, internet, and office costs
Insurance and professional fees

Only record expenses that relate to your self-employed work. HMRC guidance explains which expenses can be claimed and how.

Receipts, invoices and notes

For each income and expense entry, it helps to keep:

The date of the transaction
The amount
Who it was with or what it was for
A copy of the receipt or invoice, if available
A short note to remind yourself later

Digital copies can be useful if they are clear, readable, and stored safely.

A simple weekly or monthly habit

You do not need to track every receipt the moment it happens. A weekly or monthly check-in can work well:

Collect any new income records and receipts
Add them to your records in one session
Note anything you are unsure about to check later
Review your running totals so you know where you stand

A short regular habit makes the year-end feel much less stressful than catching up all at once.

Common record-keeping mistakes

Mixing personal and business money. A separate bank account for self-employed income and expenses makes records clearer and easier to review.
Guessing amounts. Use actual amounts from invoices, receipts, and bank records. Estimates make Self Assessment harder to complete accurately.
Not keeping backup copies. Store digital copies safely. Cloud storage or a backup drive can prevent lost records.
Waiting until January. Leaving everything until the Self Assessment deadline creates unnecessary pressure. A steady, small habit works better.

Use the SelfYear records checklist

The SelfYear records checklist is a simple tool that builds a personalised list of records to keep, based on your type of work. Answer a few questions and see what to track for income, expenses, and year-end review.

Open records checklist

Save your checklist progress

Create a free SelfYear profile to save your records checklist and keep your income and expenses organised through the year. Your profile also gives you a clear overview of your tax year, key dates, and practical next steps.

If you are still figuring out registration, you may also find our registration guide helpful.

Create a free profile Registration guide

Official source

This guide is a practical overview, not official advice. HMRC and GOV.UK are the official sources for record-keeping rules and Self Assessment requirements.

Self-employed records — GOV.UK