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19th July 2010 Top Tips For Record Keeping. Nobody likes having to do the bookkeeping, but it is a necessary part of being in business. For those of you who do not have a bookkeeper, here are 5 top tips for keeping on top of things: 1) Try, as a minimum to get your books up to date each month. This means you are more likely to identify things that are missing, which will ultimately save you tax. It also means that you are not saving up a massive job at year end, which in many cases will ultimately get done last minute and in a rush. 2) Separate out the receipts for cash payments and payments that have gone directly out of the bank account (VISA/BACS/DD/SO). When your accounts are prepared, the two payment types are treated differently and so this saves a lot of time for your accountant (and money for you). 3) Try to keep your receipts in a rough date order. Once you have entered them into your spreadsheet or bookkeeping software, you can then compare this to your diary, to help you identify any items of expenditure that you might have missed. Again, this will save you money off your tax bill in the long run. 4) Start to get into a routine for keeping receipts and information. For example, keep a small note book in the car for recording mileage (if done) and also keep a folder in a prominent position where you can put any receipts in. For example, if this is kept in the kitchen, when you get home on an evening, you could get into the habit of automatically taking any receipts out of your wallet/purse/handbag and ensuring they are all together in a safe place. 5) Follow up on any missing items of information as soon as you realise they are missing. If you decide to leave it for a while, chances are that this will get forgotten about and therefore you might loose the tax relief on the expenditure. I hope you have found this useful. For those of you who do not want to do your own bookkeeping, CCF's service starts at £50 per month plus VAT. |
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Are you a buy to let property owner? Budget summary for small businesses Don't fall for the 'No Tax Return Needed' Letter! |
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