Set up a simple profit and loss account for your business

Business income: other

As well as reporting sales income, you need to report income to the business from other sources, for example:

  • interest on business bank accounts
  • sale of equipment you no longer need
  • rental income to the business
  • money you put into a limited company from personal funds

Recording other income

  • Record equipment sales in your sales ledger, or on a separate schedule of assets if you prefer.
  • Keep a record of any rental income, for example if you sub-let part of your office to someone else.

Back-up documentation

You must keep paying-in slips and/or bank statements to account for your additional business income. Ideally, you should be able to cross-reference this documentation to the above 'other income' records.

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