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If not, then a word of warning - HMRC have now advised that they are targeting small businesses in 2011 with a view to carrying out compliance checks on their “live” record keeping to check their completeness and adequacy so that any tax return prepared from them can be relied on for accuracy.
If your records are found be poor, then the HMRC officer will conclude that the figures taken from the records which appear on the tax return cannot be relied upon. Needless to say the next thing HMRC will do in these circumstances is to then make assessments on you/your business for under declared profits! Plus it won’t just be that one year under scrutiny – previous years will also be considered.
Clearly good quality up to date record keeping has a number of benefits, whether you work for yourself or you run a business with employees. For starters, it will mean you can relax about the above Business Records Check program. It also means you have the basis for producing reliable day to day management information to help in the control and running of your business and it will make things more straightforward to get finance.
HMRC have produced a lot of information on the web about what they mean by good record keeping – www.hmrc.gov.uk/recordskeeping
Also, to make things easier, we now offer a complete bookkeeping systems review service to help ensure that you have the proper controls and procedures in place. We can:
If you have any queries or are interested in learning more about our services then please contact Carol Wright our Business Services Partner on firstname.lastname@example.org