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One of the obligations on being in business is keeping records for tax purposes.

Earlier this year HMRC published a helpful factsheet on the minimum requirements:

www.hmrc.gov.uk/factsheet/record-keeping.pdf

Its worth reading this and making sure your business is compliant – if its not, you would have little defence against HMRC penalties in the event there was a tax enquiry and HMRC claimed you were not keeping adequate records.