In the event of a HMRC enquiry into your affairs, the Inspector will expect to see supporting records for all entries. In the absence of such records, HMRC will consider whether your SA Return or Accounts are accurate/complete. Additional tax, penalties & interest can result.
We would therefore ask all clients to review the contents of the following links to the HMRC website and do let us know if any clarification is required.
– The basics:
– Self employed:
– Partners & partnerships:
Also for business record keeping have a look at the various HMRC free tools on http://nds.coi.gov.uk/clientmicrosite/Content/Detail.aspx?ClientId=257&NewsAreaId=2&ReleaseID=418174&SubjectId=36