Sole Trader Bookkeeping and Records

As a Sole Trader you will need to keep up-to-date books showing your businesses financial position.

As a sole trader you will need to keep up-to-date books showing your businesses financial position. These can be inspected by HMRC through their usual investigation checks but they are usually kept just to prepare the end of year trading accounts.

We recommend you keep your books up-to-date monthly, this ensures that you have all the information needed fresh in your mind. It also helps you to understand how your business is progressing and if you need to make any changes, what these changes should be.

The CMJ Accountancy service includes us doing your bookkeeping. We use our client area of our website to update you monthly on how your business is doing, what your tax liability will be along with what your main expenses are so you can look to cut costs.

Records i.e. all of your sales invoices and expense receipts need to be kept for a minimum of 7 years. There are fines and penalties in place if you destroy your records before this time.

For further help, or to enquire about joining our services, please call us on 0845 834 0264 or drop us an email at info@cmjaccountancy.co.uk.

Disclaimer

This information is for general information only. We take no responsibility for any action taken or refrained from in consequence of its contents. Always seek our professional advice specific to your circumstances before acting.