Records to keep
If you use the trading or property income allowances you must keep a record of your income.
Examples of the records you may need to keep are:
- copies of your invoices, paper or electronic
- a spreadsheet of your income receipts
- emails confirming income received
- statements from the company who paid you which show the amount you received
- bank statements
- bank deposit pay-in records
- a diary or appointments book showing your income from each customer
HMRC can charge you a penalty if the records you keep are not accurate, complete and readable or if you do not retain them for the required period of time.