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An Inspector Calls
If you run your own small business, it’s worth trying to catch TV series ‘The Business Inspector’, currently being shown on Wednesdays at 8pm on Five.
Sponsored by HM Revenue & Customs (HMRC), the series is being run in order to raise awareness among small businesses that they need to keep good records. Hilary Devey, the straight talking, self-made haulage millionaire, who once appeared on C4’s ‘Secret Millionaire’, is the eponymous troubleshooting inspector.
“Keeping good records makes good business sense as it gives small businesses the information they need to manage their business and help it grow. It also makes filling tax returns easier and helps SMEs pay the right amount of tax,” said Stephen Banyard, Business Customer Unit Director at HMRC.
HMRC’s Top Tips for keeping good records
- Set up a reliable system for keeping full and accurate records of your income and expenses from the outset
- Keep records throughout the year - update your records regularly, rather than letting the paperwork pile up
- Keep your records for a minimum of six years
- Keep records to show what you have bought or sold relating to your business. This should include details of all cash transactions as well as invoices and receipts
- If you are an employer you must keep records of wages paid and details of tax and National Insurance that you have deducted and paid to HMRC
- Keep bank statements and building society books – this is particularly important if you don’t have a separate business account. You should be able to show clearly what you have spent personally and on the business.
For more help with record keeping download the factsheet at www.hmrc.gov.uk/factsheet/record-keeping.pdf
To watch a short online video on record keeping visit Business Link.
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