Maintaining accurate records is essential. You should keep:​

  • Income records: Invoices, bank statements, and sales records.​

  • Expense records: Receipts for business expenses, utility bills, and other allowable costs.​

  • Other relevant documents: P60s, P45s, and details of any other income.​

HMRC requires you to retain these records for at least five years after the 31 January submission deadline of the relevant tax year.