The importance of keeping good business records

2019-08-23T16:22:22+01:00August 20th, 2019|Categories: Blog|Tags: , , |

To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless of whether you are running a business as a sole trader or in partnership or operating a limited company. Business records for the self-employed The self-employed need to complete records of their business income and expenses. Where the business is operated in partnership, the responsibility of keeping records falls on the nominated partner. It is important to keep records of: all sales and income all business expenses VAT records [...]