February 22. 2016
How often do you keep your accounting records up to
date? Once a week? Once a month? Do you play catch up at the end
of the tax year when your records are requested from your accountant?
You should try and set some time aside each week to update
your accounting records and get into the habit of doing it daily or weekly, whilst
the week is still fresh in your memory. The FBTC online cashbook is a great tool to do this! Click here to find out more about our online cashbook.
You will find it much easier to recollect what has happened
in the last seven days, than trying to think back over fifty two weeks, if you
are trying to complete your records after the tax year has ended.
The advantages of sticking to this regime are
plentiful. As well as being able to keep
a track on how your business is performing, it will assist you in answering the
questions from the dreaded ‘Business Record Check’ letter should you be unlucky
enough to receive one from HMRC. Based
on a set of answers you give in relation to questions about your accounting
records, HMRC will decide if they will need to pay you a visit to carry out
further checks. The more accurate
information you can supply them with, the better your chances are for not
getting a visit.
If
you’d like further advice on this or any accountancy matter please contact FBTC on 0344 984 2515.
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