Accounting records kept by businesses
April 27th, 2009
HMRC now has new powers which allow it to investigate businesses more or less at the drop of a hat. This will include looking at records at business premises ‘in real time’, whatever that means, and to oblige businesses to keep records.
It does however indicate that at the very least HMRC will be expecting businesses to keep some basic records (a box of invoices and bank statements handed to your accountant at the end of the year is not likely to be acceptable), and these will likely include an analysed cash book, the ability to work out a statement of debtors and creditors, till reconciliations if the business deals in cash, a detailed VAT account if the business is VAT-registered, and a breakdown of capitalised items. Other records may be added depending on the type of business.
The content of this article is for general information only. It should not be relied on and action which could affect your business or personal circumstances should not be taken without appropriate professional advice.
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