|
|
|
Purchase & Sales Day
Books
|
|
Cash Book
|
|
Credit Control
|
BSW Accounting Services
Barbara Selkirk
Ballards
Place
Eardiston
Tenbury Wells
Worcs WR15 8JR
barbara.selkirk@actc.org.uk
Tel : - 01584 814594
|
Bookkeeping Services
Keeping
records can be a very time consuming business especially if you do not set up
a basic method to capture the data before you start.. A good way of improving
time management is to release the burden by delegating the task to BSW
Accountancy Services.
Hate Chasing customers for payment?
Let BSW Accountancy Services handle your Credit Control
to made sure your cash flows in as fast as possible.
What records should I keep?
It is
important to keep in order any information and documents that you may need to
help you fill in your tax return or to make a claim.
Most of the time,
you'll be looking at records for the current or previous year. But sometimes
you'll need to go back a bit further. For example, you may need to work out
your profit or loss on the sale of something you've owned for a long time
(such as a vehicle, or special tools). At the very least you may need a
record of the amount you originally paid for that asset. There are other
times, too, when you will need to refer to old records.
It's also helpful to
keep information you get from
- your employer, if you
have - or had - one, about your pay (including bonuses) and tax
deducted, benefits in kind, expenses payments, and any share scheme
arrangements
- the Benefits Agency about
your state pension or other taxable Social Security benefits
- banks and building
societies about the interest on your account(s).
The exact records you
need to keep will depend on the types of income or gains, tax deductible
expenses, personal allowances, other deductions and relief’s you put on your
tax return or claim. Whatever records
you keep, they should be good enough for you to fill in your tax return or
claim accurately.
What happens if I don't keep proper records?
HMRC want you to pay only as much tax as you owe. However, if you can't
show sufficient evidence of your income and outgoings, you could end up
paying more tax than you should. If you do not maintain good records, you
might not be able to render your VAT return on time and this can result in a
surcharge
BSW Accountancy Services can offer a service that provides you with
the management information that the most up to date software can provide and
liberate some of your most valuable resource, time. We can advise which will be the most
suitable system to use and we can provide training to staff if you decide you
want to keep the process in house.
|
|
