As the owner of your business, you have a legal obligation to maintain books and records which are sufficient for the purpose of completing any self assessment tax returns as well as any other tax returns required (such as a vat return).
Whilst there is no specific list of what records should be maintained there is a statutory provision that taxpayers must maintain records which substantiate any entries that may be made in a tax return, with such records including:
- Receipts and expenses
- Sales and purchases
- Other supporting documents
If this wasn’t enough, from April 2019, businesses that are above the VAT threshold will be required to keep an electronic record of all their transactions and will be required to start submitting quarterly VAT returns though third-party software as part of the Making Tax Digital (MTD) initiative.
By outsourcing your book-keeping to FD Accountants we can ensure that not only will you fulfil your obligations, but that the right kind of software will be used that will suit the specific needs of your business.