A short recitation on Book-keeping
It is a legal requirement under the HMRC self-assessment system, to keep books and records of your business. It is impossible to keep control if you don’t.
VAT & PAYE records need to be kept for inspection
If you need finance, you will need to show a P&L, usually 3 years’ worth
- Always get a receipt
- If the receipt does not say what it is for – write it on
- Keep your receipts in some sort order, date order is good.
- When invoices are paid, write on them how they were paid and the date
- Always fill in your cheque book stub – legibly
- Write on banking slips from whom the cheques came
- Keep accurate mileage records. – keep petrol receipts if you are VAT registered even if you are claiming mileage – 45p per mile VAT on 14p per mile
- Keep a copy of all your Sales invoices in Numerical order. Do not miss any numbers – HMRC do not like this
- Keep your Bank Statements in a file. If you don’t have paper statements, make sure you either download or print them off each month
- Always deposit cash into the bank if you receive it.
Many business owners don't keep good records. Some don't understand bookkeeping;
Others understand it, but may be afraid of what the numbers might tell them.
Think of it this way…bookkeeping is the glue that keeps your business together.
If your records aren't in good shape, the business could fall apart. A healthy
business is monitored through its records on a regular basis so you can find
problems and correct them before it's too late
if you need further information or help, please contact me