Will your bookkeeping records stand up to an HMRC check?
The business records check is coming up again but this time “creatives” are being identified as potential groups of people to perform checks on.
We all know that paperwork and creativity do not go hand in hand, so we are seen as easy targets. Be prepared !
These are examples of the questions asked: • Do you understand your obligations to HMRC?
• Do you need help understanding forms from HMRC?
• How long have you been in business?
• Can you tell from your record keeping which transactions/expenses are personal and which are for business?
• How many payments do you receive each month, how many of them are in cash and how often do you write up your books recording this?
• How many payments do you make each month, how many of them are in cash and how often do you write up your books recording this?
So – don’t leave it too late to get your books and accounts sorted. HMRC can impose fines and with money hard enough to make, you don’t want to loose it because of a few hours a month on admin.