RMH Associates
Business & Accountancy Services

Record keeping, Bookkeeping & VAT

Penalty for failure to keep records as required
A penalty of up to £3,000 may be charged for each failure to keep or to preserve
adequate records in support of a tax return.

Business records to be kept
In the case of a business (including the business of letting a property) the records that must be kept include records of
· All receipts and expenses
· All goods purchased and sold
· All supporting documents relating to the transactions of the business, that is accounts, books, deeds, contracts, vouchers and receipts (and computer records - FA88/S127).

Other records to be kept
There are no specified rules for other sources of income other than the general requirement to make a complete and correct tax return. But typically taxpayers are expected to keep evidence of the income that they have received, such as bank statements or dividend vouchers. Employees need to keep their P60s and evidence of the taxable benefits they have received. Where someone returns a chargeable gain (or loss) they need to keep all the records relating to the asset in question and the calculation of the gain (or loss) on its disposal.

No matter how large or small your income or your business (including the business of letting a property) you are required by HMRC to keep proper records.

We can help you

· For your peace of mind we offer a complete, professional bookkeeping service on a weekly, monthly, quarterly or annual basis that ensures no re-working of data.

· For those clients who prefer to keep their own records, we can provide a health check to ensure your efforts produce what is required for accounts, tax returns etc and to meet legal requirements.

· For those that need training or extra help during busy periods/staff holidays we provide a cost effective solution you can rely on.

is one of the most complex and onerous tax regimes imposed on business, which means many inadvertently overpay or underpay their VAT. The basics can be simple but behind that is a series of pitfalls that can trip the unwary.

We can help you

· With registration or deregistration
· Prepare and submit VAT Returns
· With advice on VAT issues, schemes and planning opportunities
· Complete your VAT control and reconciliation
· By attending VAT inspections and negotiating with HMRC in disputes or representing you at tribunals
· With VAT health checks