Eastbourne Accountants – Records Retail Shops Need To Keep
Eastbourne accountants help a wide range of businesses with their tax returns. In this post, we are going to focus on tax returns for retail shops specifically. This is something your tax return accountant will be able to assist with, but it is important to be aware of the different records you need to keep.
While accountants Sussex wide will be able to offer you bespoke advice on record keeping and ensure you have an efficient system in place for doing so, it is still important to know what you need to keep. Generally, you should keep a hold of any documents that relate to the tax returns your accountant files. So, what does this include? You should keep documents that state the details for any assets that are used for both private and business purposes, as well as details regarding any money that has been taken out of the business bank account and any private money that has been brought into the business. You also need to keep all paying-in slips, cheque stubs, passbooks, and all building society and bank statements. Other records recommended include bills and invoices for expenses and purchases, a record of the stock you have on hand at the end of every year, details of any other income, for example, commission for the National Lottery, and till rolls or other forms of electronic record of sales. You should also keep a separate record of any goods taken for personal use, or any items that do not go through the till, such as rent from a flat you may have above the shop.
If you need assistance with taxes and record keeping for your retail shop, look no further than the Eastbourne accountants at AMG Financial Chartered Tax Advisers & Accountants. We will add value to your business with the bespoke tax services and advice that we provide. Head to https://amgfinancial.co.uk for more information.