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 Profit & Loss, usually 3 years’ worth
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 HM Bookkeeping on 01323 458151
Member since: 9th January 2012
HM Bookkeeping & Payroll Services Ltd has been helping their clients with their accounting problems for the past 10 years.