In this guide, you’ll learn the key considerations, work through a practical example and find useful next steps. Take your time and use the free worksheets to put ideas into practice.
What you’ll take away
- Separate records
- Keep evidence
- Plan for payments
Separate records
Track business income and expenses consistently, ideally separately from personal spending.
Keep evidence
Retain invoices, receipts, mileage records and bank information as required.
Plan for payments
Set aside a proportion of income for tax and National Insurance, based on appropriate advice.
Check current rules
Registration, reporting and Making Tax Digital obligations can change.
What to gather
- Sales invoices and receipts
- Expense categories
- Calendar of reporting deadlines
Putting your learning into practice
Use the guidance above to identify the information you need and the questions to investigate. Consider:
- Separate records.
- Keep evidence.
- Plan for payments.
- Check current rules.
This is general financial education, not a personal recommendation, an assessment of suitability or an invitation to buy or arrange a financial product. Check current official information and obtain appropriate professional advice for individual circumstances.
Further help
For up-to-date rules and support, see this UK guidance resource. Check which rules apply in your part of the UK.
Keep learning
Use a worksheet to explore your own figures, or browse another topic in the guide library.
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