ReceiptTrack

Sole trader record keeping: what to keep from day one

Keep records of your business income, business expenses, receipts, invoices, bank statements, mileage and any notes that explain business use. GOV.UK says self-employed people must keep business records so they can work out profit or loss for their tax return. The best records connect three things: what happened, the money amount, and the proof behind it. A complete but plain-English guide to the records sole traders should keep so tax time and accountant handoff are not a scramble.

Key takeaways

• A bank statement shows payment movement, but a receipt or invoice explains the purchase.
• Useful records include business context, not just numbers.
• Weekly capture and monthly review prevents most January panic.
• Record keeping gets much easier when every receipt has one clear home.

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