A new set of tools has been launched by HM Revenue & Customs (HMRC) that will help small-and medium-sized enterprises (SME) managed their financial record more efficiently.
The four new products have been designed specifically for the use of small companies and sole traders, and launched ahead of HMRC's forthcoming Business Records Checks initiative. The scheme, which will be rolled out later this year, will see small firms fined if they fail to keep adequate financial records.
The new tools include a guide to keeping records for tax returns, a record-keeping factsheet, a guide to setting up basic record-keeping systems and details of the exact record that need to be kept.
HMRC has said that around 40 per cent of all SMEs do not keep proper financial records, despite it being a legal requirement to do so. Failure to do so is thought to cost national tax revenues up to £6.5 billion every year.
Brian Redford, HMRC's acting director of the Business Customer Unit, said, "It may seem like a challenge, particularly when you're starting out, but keeping good records will bring real advantages to your business."
He said that getting a proper system in place and will not only afford SMEs more confidence that they are paying the right tax, but they will also keep up to date with how much is owed to suppliers and how much is owing."
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