It's a legal requirement for you to keep records of your business transactions for a minimum of five years, so it's important that you have good record keeping practices in place. The records you must keep include all documents relating to your income and expenditure.

Keeping good records makes paying your taxation and other business transactions much easier and helps you to monitor how your business is going.

You also need to keep other important papers, legal documents and contracts in a safe place, so make sure to set up a filing system for easy retrieval.