It is vitally important to keep accurate records for your business (whether sole trader or limited company), the penalties for failing to do so can be very strict – including a jail sentence!
It is so much easier if you start keeping records from the very beginning of your self-employment or start of business and keep the habit going….keep all receipts for purchases and records of sales to customers using a method that suits you (can be electronically or paper receipts but it must be done). HMRC will accept small mistakes if you can prove you have tried to keep full and accurate records, but there is no excuse at all for failing to keep reasonable records.
As with everything, there are many ways to records the necessary transactions for your trading activities and it pays to take advice on what will suit you and your business.
It is so much easier if you start keeping records from the very beginning of your self-employment or start of business and keep the habit going….keep all receipts for purchases and records of sales to customers using a method that suits you (can be electronically or paper receipts but it must be done). HMRC will accept small mistakes if you can prove you have tried to keep full and accurate records, but there is no excuse at all for failing to keep reasonable records.
As with everything, there are many ways to records the necessary transactions for your trading activities and it pays to take advice on what will suit you and your business.
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