Types of records you need to keep

You will need to keep a record of all money coming into and out of your business. This includes payments made by cash, cheque or credit/debit card transactions.

The records you need to keep will depend on the size and type of business and whether you’re using traditional accounting or cash basis or simplified expenses. Cash basis or simplified accounting can be used for 2018-19 onwards. If you choose to use cash basis or simplified expenses to simplify your tax affairs this will affect the records you keep from April 2018. You must keep all invoices or receipts for everything related to your business. You’ll usually also need to keep records of:

• Your business income
• Your business expenses
• The difference between them – your business’ profit
• The value of your business’ assets (including cash you have)
• What the business owes (known as ‘liabilities’)

ABS provide a professional and comprehensive range of Accounting and Bookkeeping Services and offer a reliable and unique service to small and medium-sized businesses to cater for your specific needs.

Use Bookkeeper as an advisor and not just your lawyer. They should be able to give you great ideas for planning, running and growing your business. ABS is  a Practice Bookkeepers themselves so can not only help with the numbers but can advise on a wide range of Things relating to your business

 How can ABS help?

• Limited Company Accounts
• Bookkeeping Services
• Corporation Tax
• Self-Assessment Tax Returns
• VAT Returns
• Payroll Services
• Professional Business Website Set-Up
• Business Plans & Guaranteed Bank Loans

You should always seek professional advice before starting up in business, as your choice of a business structure will depend very much on your own individual circumstances. We guarantee you real support and advice throughout the year for your Business Call us now on 020 8469 1756 for free