Recording your Income and Expenses

You are responsible for keeping a record of business income and expenditure. This can be done using our excel template, which can be found below, or you can also consider using a cloud based package such as FreeAgent (we can provide you with a free trial of FreeAgent if you want to try it out).

Please note the excel template is only suitable for simple businesses that are not VAT registered.

When it comes to your paperwork we advise that you should keep all documents for six years from the end of the tax year. This might include:

• Sales invoices
• Receipts for costs
• Bank statements
• Mileage logs

You can choose to keep electronic copies instead of hard copies but if you are doing this please make sure you have a robust backup system in place.

For a guide on Expenses please see the "Business Expenses" section, link below:

https://jffinancial.zendesk.com/hc/en-us/sections/200020492-Business-Expenses