by James Mason
6 November 2011
The taxman’s ‘Business Records Check’ scheme steps up a gear… HMRC’s initial findings in respect of their ongoing Business Records Check pilot scheme reveals that 44 per cent of businesses have issues with their record keeping and 12 per cent have seriously inadequate records. Fines could be as much as £3,000 and HMRC is planning on making 20,000 spot check visits during the 2012/13 tax year. This is what you need to know. Keeping records Th...
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by James Mason
14 August 2011
Definition… Martial, ‘of or appropriate to war, warlike’ The subject of bookkeeping and how to best do it comes up time and time again. “How should I be doing my bookkeeping?” is one of the ten most common questions we get from a potential new client. Bookkeeping may not be the most obvious ‘martial art’ form that springs to mind, but there is significant similarity. Repeated good bookkeeping practices will reap rewards of reduced costs, more a...
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by James Mason
22 June 2011
Many businesses operate partly from the business owners home premises even if its just to do the administration in the evenings after a day at the trading premises. HMRC will allow a reasonable proportion of costs incurred in the home where there is a clear case that the home is partly used for business purposes. However, it is not uncommon to see sets of accounts with just a few hundred pounds provided for when there is reasonable grounds...
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