Budget Updates, hot off the PRESS!Tax and Accounts for the Self-Employed & Small Businesses
First things first, it is a legal requirement that you keep financial records relating to the business. The HMRC (Revenue & Customs) rule relating to the length of time records of your business must to be kept is shown in the following HMRC web site link - CLICK HERE.
To be successful in your business you must . . . . be in control of your business at all times
and one cannot do that without . . . . maintaining a firm grip of the finances of the business
and that requires you to . . . . keep the books and receipts of the business in good order.
Each business is different and the level of record keeping required will vary considerably as there are no set rules about what format you must use to keep your records.
- Some people like to keep paper manual records
- Some are quite happy using a spreadsheet on a computer, e.g. Microsoft Excel
- Others prefer to use one of the proprietary Computer Software programmes such as Quickbooks, Sage or MYOB. UKES has got the full range on display at Amazon so to see what is currently available CLICK HERE.
To get your business off on the right foot use the following 4 simple rules: -
- Keep accurate and relevant financial records.
- Separate personal from business finances.
- Keep your records updated on a regula basis.
- Whatever records you keep, keep them simple, safe and secure.
The HMRC has an excellent award winning booklet entitled “Giving your Business the best start in Tax” and you can download it in PDF format HERE.