What documents to keep for your tax return
If you’re self employed and run your own business then there is a simple answer for ‘what documents should I keep for my tax return?’…and that answer is everything! You must keep a copy of everything and anything to do with income and expenditure for your business, including all invoices, receipts and bank statements.
Now this isn’t where I ‘bid you a good day’ and end of the blog! There are of course certain specific documents that you must keep for your tax return which I’m going to list below, but the bottom line is you really must keep every piece of documentation to do with your business. Why? Well, 2 reasons really:
- Firstly, you must keep a copy to ensure you have a record of all transactions (income or expenditure) for your business when you fill in your tax return each year in order to correctly reference the exact amounts listed.
- Secondly, your tax return isn’t just a method of you supplying the HMRC with information. It’s equally their chance to check all your facts and figures and see if everything adds up in their eyes, and if there’s anything they’re unsure of they will want you to provide evidence of that transaction.
So the remainder of this blog will simply list what documents you need to keep in relation to certain income or expenditure. Some may or may not apply to you however if you check everything off this list then you can’t go wrong with keeping proper records for your tax return.
Income Items
| If you get any of the following: | You must keep these: |
|---|---|
| Salary / Wages | P60 Payslips Notice of coding |
| Benefits in Kind (e.g. Company Car, Medical Insurance) | P11D |
| State Benefits | Statements of payment from the DSS |
| Pensions | Statement of pensions payments by DSS or Pension Fund |
| Share Options | Share option documents from your Employer |
| Other Earnings (Tips, Commissions etc) | Relevant vouchers or documentation |
| Expenses Not Reimbursed by your Employer | Expense receipts or vouchers |
| Self-employment & Partnerships | Statements from Self-employment & Partnerships |
| Savings & Deposit Accounts Banks Building Societies National Savings | Interest Certificates Interest Certificates Interest Details |
| Share Holdings Dividends Unit Trusts | Dividend Vouchers Unit Trust Vouchers |
| Land & Property Furnished Lettings Holiday accommodation | Invoices or receipts |
| Overseas | Foreign Income Documentation |
| Trusts & Settlements | Trust Tax Vouchers |
| Royalties | Royalty Income and Expenses |
Expenditure Items
| If you spent on any of the following: | You must keep: |
|---|---|
| Mortgage or loans | Mortgage or interest statements |
| Vocational training | Training papers |
| Charitable covenants | Deeds of covenant |
| Gift aid | Gift aid details |
| Venture capital trust shares | VCT Certificates |
| Shares | Contract notes |
| Land & property | Completion statements |
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