Self-employed people must track their income and spending habits carefully because tax regulations need this information. Your business records must include invoices, receipts and bank statements. Record all money you spend running your business and document how you paid for workspace things, office supplies and workplace expert services. You need these records to prepare your tax return for Self Assessment every year. The recommendations state you must preserve tax records for at least five years beyond the submission deadlines for each tax year's self-assessment report.

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