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Her Majesty's Revenue & Customs (HMRC) are responsible for applying the law in the case of Taxation and there is a great deal of information available on their web site. What we provide here is an outline of the important issues regarding the recording and accuracy of the details required
It is a legal requirement that any enterprise active in Great Britain has to submit to Her Majesty's Revenue & Customs (HMRC) an annual return showing all of its income and those outgoings that are classified as being acceptable as business Costs and Expenses
To this end it is necessary for all enterprises to maintain sufficient records of their financial activities in order first to make the annual return and second to support any subsequent inspection that would be carried out during the following ten years. However, more important to those requirements, it is also necessary for the purpose of internal reporting, in particular to see how the business is performing
Generally the problem with SMEs and Start Up enterprises is one of discipline in keeping the records of all of the transactions that take place in the course of the day to day activities and then to record them in such a manner for them to make sense for the various uses that the information has to be ultimately used
Doing Your Own Accounts provides a means of obtaining a Startup Kit that contains all of the items necessary to help SMEs and Start Up enterprises to get organised and to keep the records in a convenient manner for the tax return, and subsequent audits as well as for the owner's use. You will be able to choose all or a selection from a recommended list of items that are especially put together to make the recording of your day to day activities much less of a burden than otherwise
See also
Comments and suggestions for improving this site are appreciated and should be addressed to administration
Last Update 08-Jan-2012
Date first published 08-Nov-2005