The importance of keeping books in good order
Smaller businesses are being urged to maintain up-to-date and accurate financial records.
HM Revenue and Customs (HMRC) has plans to clamp down on significant record keeping failures this year. HMRC could be looking at as many as 50,000 firms each year to make sure that their records are in good order. ‘Inadequate’ or ‘inaccurate’ records could result in a fine as heavy as £3,000.
Under the law, firms must retain records that date back at least six years. The documentation needs to include invoices, bank statements, receipts, cheque stubs, accounts books and detailed analysis.
We appreciate that bookkeeping can be a real burden for some smaller firms. You can, of course, save valuable business time by outsourcing some of your administration work. We’d be more than happy to talk to you about how we could help.