Following changes to the law in 2009, H M Revenue & Customs have much stronger powers to require that you provide evidence to back up entries on your tax returns. For business owners this means your accounting records and supporting documentation need to be of very good quality.
If HMRC can demonstrate that your records are less than effective you will face penalties.
The legislation requires you to:
“keep all such records as may be requisite for the purpose of enabling him (you) to make and deliver a correct and complete return for the year or period.”
This means business owners have to keep a careful eye, not only on the results generated by their accounting system, but also on the completeness of the underlying records.
Records include supporting documentation such as, accounts, books, deeds, contracts, vouchers and receipts.
With GrowYourBiz you know that your receipts are copied and stored online in a searchable form, so you can quickly and easily find any paperwork. The system also ensures that your records are reconciled to your bank account.
