It is important that your business records are accurate & easy to understand. Being able to identify the individual items is important, as this is the information HMRC will look for, if they ask you questions/investigate your accounts or tax paid, to verify the amounts & categories, the items have been allocated to.
Book Keeping, records both your sales and purchases for your business. If you are VAT registered, it would also include separating this out from the figures as well. The details of the transactions are allocated to their respective group (categories), so that formal accounts as well as corporation/personal tax, can be calculated correctly.
If your book keeping is managed & set up correctly, it will be easy to identify items from this, as well as, the accounts and tax calculations will take less time to prepare and be more accurate. It will also enable you to have an accurate picture of the financial position of your business, in the least possible time and with the minimum amount of effort.
Our cloud based Book Keeping platform makes managing this straight forward and easy, even when you’re on the move. Call us or complete the form below and we will call you back.