Bookkeeping

Bookkeeping

You are expected to maintain appropriate accounting records for the company. Whilst there is no set requirement as to how you maintain the records, HMRC requests that the records are adequate for the size and complexity of the business. As a minimum, you ought to maintain:

  • Copies of sales invoices sent to your customers.
  • Purchase invoices for any supplier costs you incur.
  • Expenses claim forms for items reclaimed from the business by any directors or employees (including details of journeys for any mileage claims).
  • Petty cash expense receipts.
  • Bank account statements for the company account.
  • Statements for any company credit cards.
  • Copies of any loan / finance / hire purchase / credit accounts the company has with any third parties.

You are required to retain the records for a period of six years.

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