Claiming every expense?
Good record keeping is vital, not just to ensure timely and accurate filing of tax returns but also in the event of any challenge by HMRC. Penalties can also be levied if your records are incomplete or inaccurate.
Generally, you need to keep sufficient records to support any income or expenses included in a tax return together with any claims or elections made.
If you are in the habit of losing receipts and therefore, unable to claim all the expenses you should be claiming then it is certainly time to think about going digital.
Some of the benefits of digital record keeping are:
Keep more accurate records and save money
Save time keeping your business records
get paid faster with invoicing that stands out
Have your financial information at your fingertips
Easier to keep your records up to date
Make business decisions on current financial information
Know your total income and your profit as your year progresses
Have an idea of the tax liability you will be due.
Before making any decision, contact us to discuss the process of moving away from spreadsheets or paper based record keeping to digital.
We have partnered with QuickBooks , the world’s #1 online accounting software.