Basic TAX RECORD KEEPING when you’re self employed

Join as a member and download the spreadsheet from this video here: https://smallbusinesstoolbox.uk/tax-r... Check out Dext expense / receipt management software (affiliate link, see below) https://smallbusinesstoolbox.uk/links... Full overview of Dext:    • Receipt scanning and management - full ove...   When you’re self employed in the UK you’re obliged to keep business accounting records. Today we’re looking at what information I log to record income, business expenses, running a vehicle through the business and using our home as an office. As per usual, I am not an accountant. Always use a good accountant. What is MTD ITSA? https://smallbusinesstoolbox.uk/makin... Some related videos that might be useful: What is cash basis?    • What is CASH BASIS accounting? UK small bu...   What an HMRC audit is like:    • I got audited! Questions asked in a UK tax...   What is reconciliation?    • What is RECONCILIATION and why is it impor...   ✔ Help support this channel by joining as a member: https://smallbusinesstoolbox.uk/member/ ✔ Follow me on X: https://smallbusinesstoolbox.uk/yt/x ✔ Support me on Patreon: https://smallbusinesstoolbox.uk/yt/pa... ✔ Newsletter: https://smallbusinesstoolbox.uk/newsl... Here's some affiliate links to services I use or would consider using. If you think they would be a good match for your business please use these links - many include offers exclusive to this channel. Read more about affiliate links at the bottom of this description: 👉 InvestEngine for investments: https://smallbusinesstoolbox.uk/yt/in... 👉 Tide for business banking: https://smallbusinesstoolbox.uk/yt/ti... 👉 SiteGround for web hosting: https://smallbusinesstoolbox.uk/yt/si... 👉 123-Reg for domain names: https://smallbusinesstoolbox.uk/yt/12... 👉 Acronis for data backups: https://smallbusinesstoolbox.uk/yt/ac... ⚠️ Disclaimer ⚠️ This is not accountancy, financial, tax or legal advice. Always use a good accountant and legal / financial professional. If you make an investment your capital is at risk. My opinions are my own and don't necessarily reflect the views of the companies I deal with. I sometimes earn commission from affiliate links - these don’t cost you a penny and help to keep this channel running. Read more about affiliate links here - the fairest way of funding the internet: https://smallbusinesstoolbox.uk/affil... - thanks so much for your awesome support! All content on this channel is exclusively owned by MacLellan Creative Limited. Copyright (c) 2023. All rights reserved. Extension Cost Chapters: 0:00 - Introduction 3:10 - HMRC requirements 6:50 - How long to keep records? 7:25 - Logging business expenses 14:55 - Tracking business income 20:33 - Business mileage 26:28 - Using your home as an office 30:52 - Summary calculations 33:20 - Spreadsheet vs accounts software 34:40 - Dealing with electronic receipts 37:40 - Data backups and final tips #Accounts #Expenses #tax