Keep one spreadsheet with a row for each referral and a row for each payment, noting the date money arrived, which student and stage it relates to, and the amount. Keep receipts for any work costs. If you are self-employed, GOV.UK says you must keep your records for at least five years after the 31 January submission deadline of the relevant tax year.
Why keep records at all?
Referral payments come in stages over most of a year, so it is easy to lose track of what has arrived and what is still to come. A simple record shows you what has actually been paid, rather than what you hoped for, and gives you everything you need if you have to report the income to HMRC.
Our article on whether you pay tax on side hustle income explains when you may need to register. In short, GOV.UK says that if your gross trading income is more than £1,000 in a tax year (the trading allowance), you must register for Self Assessment, by 5 October after the end of that tax year. This article is about the practical habit of recording.
What should you record for each referral?
When you pass on someone’s details, note the date, the intake they are aiming for and the fact that they agreed to be contacted. As things progress, add the date the student started classes. Keep personal details to a minimum: a first name or a reference you make up is enough. Once the introduction is made, you don’t need to keep anyone’s phone number.
What should you record for each payment?
When money arrives, note the date it reached your account, which referral and which stage it relates to, and the amount. Consultants are paid in three stages as the student progresses: the end of term 1, the end of term 2, and re-enrolment or progression. Our guide to how and when consultants get paid explains the timing. Recording the stage makes it easy to check each one and spot gaps.
Save anything Omega Partners sends you about a payment, such as an email or remittance, in a folder alongside the spreadsheet.
What spreadsheet columns work best?
A short set of columns is enough. For the referrals tab:
- Reference (a first name or code, not a full name)
- Date of introduction
- Date they agreed to be contacted
- Intake aimed for (autumn, new year or Easter)
- Start date, once known
- Notes
For the payments tab:
- Date received
- Referral reference
- Stage (term 1, term 2 or progression)
- Amount received
- Tax year
Keep both tabs in one file, and back it up somewhere other than your phone.
Which tax year does a payment belong to?
The UK tax year runs from 6 April to 5 April. Because referral payments can be months apart, two payments for the same student can fall in different tax years.
For most sole traders, the cash basis is now the default way of working out profits (it has been since the 2024 to 2025 tax year). Under the cash basis, GOV.UK says you only record income you actually received in the tax year. So the date each payment reaches your account is the date that matters, which is why the “tax year” column is worth filling in as you go. You can opt out of the cash basis on your tax return. Read the GOV.UK guidance on the cash basis if you are unsure which applies to you.
What about receipts and expenses?
If you spend money on something used for the work, keep the receipt or a photo of it, with a note of what it was for. GOV.UK lists which allowable expenses self-employed people can claim. There is no fee to join and nothing to buy for the consultant role, so many people have few or no expenses.
Note that if you use the £1,000 trading allowance, you can’t also deduct expenses. You choose one or the other.
How long does HMRC say to keep records?
GOV.UK says self-employed people must keep records for at least five years after the 31 January submission deadline of the relevant tax year. Its example: if you sent your 2022 to 2023 return online by 31 January 2024, keep the records until at least the end of January 2029. If you send a return more than four years after the deadline, you keep the records for 15 months after you send it. See the GOV.UK guidance on business records.
Does Making Tax Digital affect me?
Probably not yet, but it is worth knowing about. Making Tax Digital for Income Tax means keeping digital records and sending quarterly updates to HMRC using compatible software. GOV.UK says it applies from 6 April 2026 to people with qualifying income (from self-employment and property) over £50,000, from 6 April 2027 for over £30,000, and from 6 April 2028 for over £20,000. Check the GOV.UK guidance on Making Tax Digital if your total self-employed income is approaching those levels.
This is general information, not personal tax advice. HMRC, GOV.UK and free services such as TaxAid and Citizens Advice can help with your own situation.
Frequently asked questions
Do I need special software?
Not unless Making Tax Digital applies to you. A spreadsheet is enough for most people. Recording each payment on the day it arrives matters more than the tool.
Should I keep a copy of the person’s phone number?
Only while you need it. Once they have agreed to be contacted and you have made the introduction, a reference is enough, and you can delete the number.
What if I lose a record?
Rebuild what you can from bank statements and emails. GOV.UK says that if you can’t replace records, you must do your best to provide figures, and tell HMRC when you file your return if you are using estimated or provisional figures.
Where can I see the consultant rates?
On the vacancy page. Income from referrals isn’t guaranteed and only follows a genuine enrolment.
