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It is important for any business to have proper financial records and bookkeeping. In 2011 the HM Revenue & Customs (HMRC) intends to begin its Business Records Checks campaign. This campaign will identify businesses that have inaccurate books and pay less tax than they should be. According to the HMRC almost 40% of small businesses don’t maintain proper books and fines of as much as £3,000 could be levied on such firms. SMEs are required to maintain records for several types of tax including the VAT, income tax and capital gains tax. Business owners need to have a responsible approach towards their company’s bookkeeping.
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