It's worth spending some time thinking about what and how you keep your records. Good record keeping can help you keep track of your business and fulfil legal requirements.
You must keep a record of the following;
- all sales/takings
- purchases and expenses
- money taken from the business for personal use
Some of the other items you might keep include;
- till rolls
- cash transactions
- sales/purchase ledger
- bank statements
- cheque stubs
- details of stock held
- timesheets/mileage record
You should also keep details of any "capital" items that you buy and sell as you may be able to claim capital allowances.
Any personal use of assets (eg telephone, car) should also be recorded.
You are required by law to keep records for 7 years in Jersey for tax purposes.