Every business needs to keep records of the transactions they undertake. The nature and extent of those records is dependent on the nature of the business. For example, under Making Tax Digital VAT - registered businesses are required to keep their records and file their VAT returns digitally. Limited companies are required to keep registers of their members, directors etc. These records need to be sufficient to prepare reliable accounts and comply with legislative requirements. In general, you will need to keep these records for the current year and the previous six years.
We support clients with their bookkeeping. We provide pragmatic advice on how to keep your records. For small businesses, we provide bespoke spreadsheets to record and analyse transactions that can be used to file your VAT return using bridging software. For slightly larger businesses we can recommend more sophisticated software solutions, such as Xero, to keep your records and file your VAT returns.
We also provide services to support your record keeping including: