I’m not registered for VAT, what records do I need to keep?
Even if you’re not VAT registered you do need to collect and keep records of your income and expenditure. You need to keep these for at least 5 years after the submission deadline for the relevant tax year, or if you’re a limited company for 6 years after the company’s financial year end.
You can keep these electronically, so you don’t need to keep the paper receipts, but you should be able to access readable copies of them if needed – so a scan or a photo will be fine.
There are multiple ways to keep your records and finding the way that best suits you and your business is key. I can help you to set up a system that works for you.