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| Keeping Books & Records |
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| You must keep full accurate
records for your business from the start.
You need to do this whether you send in simple
summary of your profit/loss, prepare the accounts
yourself or have an accountant do it for you.
It is important to remember that figures,
which are contained in your tax returns, your
accounts or summary profits/losses, must be
correct. The records you keep must be sufficient
to enable you to make a proper return of income
for tax purposes. |
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| You should bear in mind that
you need to keep accounts for other reasons
other than tax; For example, your bank may
want to see them when considering an application
for a loan or mortgage. |
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| Failure to keep proper records
or failure to keep them for the necessary
six years is an offence and you could be heavily
fined, typically £3,000. |
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| It is not necessary to employ
an accountant or tax adviser in order to complete
your tax returns and claim the various allowances
and reliefs due to you. However, for specific
advice on book keeping and financial matters
generally it would be in your own interests
to engage an accountant. The tax office will
normally correspond with your accountant regarding
your tax affairs, if you have one. |
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Call us now
for a free consultation |
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020 89648802 |
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