Accountants are warning numerous small businesses about a government campaign to keep proper records.
Her Majesty’s Revenue and Customs are making huge moves to encourage numerous small businesses to keep proper business records.
This is especially significant for those businesses with less than a £500,000 turnover or fewer than 10 employees.
Her Majesty’s Revenue and Customs are set to start spot checks which are said to start this month. As a result owners of small businesses should ensure that this rather essential, but often neglected, element of running a small businesses is completely up to date.
It is rather daunting considering that HRMC spot checkers could very well fine businesses up to £3,000 wherever they find that proper records have not been kept.
Among the list of things that businesses may need to produce are cash books, sales invoices, purcahse invoices, bank statements, stock records and a wages record.