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.

August Accounting Content Kicking Off

treble clefWell, I made a promise myself that I would spend August working on my business and building lots of accounting content and useful tools for clients to use, as well as getting round to writing an e-book or maybe even a real book by the end of the year. The trouble is, that was due to be August 2013 when I first planned it in May 2013.

August 2014 has arrived and I am actually doing it. Useful accounting content will slowly come out on my website and social media pages that can be used by all small businesses, and there will be content for my specialisms area of performers. The first of these initiatives was launched in June, and it is a paper dedicated to the expenses that performers can claim against their tax. All those singers, actors, musicians, dancers, entertainers sitting in the green rooms worried about their tax. ouch.

This paper will develop over time as people ask questions about its content, or questions that I had not considered putting an answer to. Debbie Christie – thank you for the couple of topics which will land in the next version. If you have no clue what I am talking about, then pop over to the performers page by clicking >>> HERE <<< , sign up, and check your spam for the confirmation email, and then the link to the pdf document will be sent to you.

August is always a quiet month for accountants as who wants to ruin their summer by thinking of tax returns and documentation. Should you want to talk to an accountant, then give us a bell on 01344 669084 or if you are shy, drop us a message by clicking >>> HERE <<<. We don’t bite – only when I am peckish or bored.

See you next time.

Louise

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