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Accountants Burgess Hill

Accountants Burgess Hill – Advice On Record Keeping

Accountants Burgess Hill wide can assist with all areas relating to your company’s taxes. Nonetheless, you do have a role to play yourself, and this is effective record keeping. Of course, this is something your tax return accountant will be able to assist with by putting an efficient record keeping system in place for you.

Efficient record keeping is vital for your business, accountant, and HMRC. If HMRC need to check your tax return for any reason, and you cannot show them your records, you will have to pay a fine. So, what documents and records do you need to keep? Essentially, you need anything that you have used to complete your company’s tax returns. In most cases, your records will be applicable to that accounting period. However, there are times when you will need to refer to documents from a number of years ago. For example, in order to calculate capital loss or gain after the disposal of an asset, you may need to refer to older documents. This is where effective record keeping from the beginning really shows its worth. Your accountant will be able to advise you on all of the records you need to keep, as well as how long you need to keep them for. In most cases, you will need to keep records for six years from the end of the accounting period in question. If you run a business, examples of records you need to include everything from all of your purchases and sales of assets used in your business to supporting records, including bank statements and invoices.

Now you know about the importance of record keeping and the role you play, the next step is to find one of the best accountants Burgess Hill has to offer. Luckily, this is exactly what you have with AMG Financial Chartered Tax Advisers & Accountants. For tax accountants Sussex wide, you will struggle to find better. Head to http://amgfinancial.co.uk, or send an email to andy@amgfinancial.co.uk.