New HMRC record-keeping resources for self-employed and small businesses

Self employed parents and business owners may benefit from a series of free resources launched today by HM Revenue & Customs (HMRC)

The four new products are suitable for the self employed, sole traders and small businesses.

They have been produced to stop the self-employed falling foul of the new Business Record Checks programme to be launched later this year.

Getting record keeping wrong could see businesses pay hefty penalties.

Spokesperson for  HMRC, Brian Redford said: “In these tough times, keeping good records makes sound business sense.

“It may seem like a challenge, particularly when you’re starting out, but keeping good records will bring real advantages to your business. Get a proper system in place and you’ll not only be confident that you are paying the right tax, but you’ll keep up-to-date with how much you owe suppliers and how much you are owed.

“Later this year, HMRC will start a programme of Business Records Checks that will look at the adequacy and accuracy of business records in SMEs to bring about a major improvement in the standard of record-keeping. Now is the time to invest a bit of effort to make sure your business records are perfect.”

Resources

 Keeping records for business – what you need to know: a basic guide with a helpful list of where to get more information. www.hmrc.gov.uk/factsheet/record-keeping.pdf

A general guide to keeping records for your tax return: detailed guidance on record-keeping covering what type of records you may have to keep, common problems and examples for different types of business. www.hmrc.gov.uk/sa/rk-bk1.pdf

Set up a basic record-keeping system: with examples of spreadsheets and information about setting up a record-keeping system. www.businesslink.gov.uk/recordkeeping

Find out what records you should be keeping: looks at the records you need to keep and assesses how well you are keeping them. If you are thinking of starting business the tool provides you with a checklist. If you are established it will give feedback and advice on improvements you may need to make. www.businesslink.gov.uk/recordkeepingcheck