Small business bookkeeping obligations

Failure to keep records can result in a fine by HMRC and disqualification as a Company Director so it is important to understand your obligations.

According to the Companies Act all companies must keep “true and fair” financial and accounting records for at least 6 years and in some cases longer such as if a transaction covers more than one year accounting period or if you have bought something that is expected to last longer than 6 years like equipment or machinery.

For those clients who prefer to do their bookkeeping in-house, we can install accounting software. Another option is for clients to send all records to us every month for data entry to input data directly into our online accounts software portal, ensuring that our accounts team can offer live support and advice as soon as data is entered.

Speak to us about our bookkeeping services in London or the full range of ways we can help, from highly affordable packages, with training, through to bespoke business planning, strategic insights, benchmarking and many other value-added services.

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