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HMRC internal manual

Compliance Handbook

HM Revenue & Customs
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Record Keeping: What records must be kept: Income tax and corporation tax requirements for trade, profession or business and companies

In addition to the general requirements, see CH11200, there are additional, more specific, requirements for

  • persons carrying on a trade, profession or business alone or in partnership, and
  • companies.

For these purposes, ‘trade’ includes the letting of property.

These people must keep

  1. records of all receipts and expenses in the course of the trade, profession or business, or company activities, and
  2. records of the matters in respect of which those receipts and expenditure take place, and
  3. records of all sales and purchases made in the course of any trade involving dealing in goods.

The Companies Act 2006 requires companies to keep certain accounting records. CH11400 contains more details.