Every business has a legal requirement to keep accurate records of their business transactions, known as Book-keeping. There is no set format that this must adhere to, however, at the very least all records of sales, expenses and purchases should be kept.
Even a small business can lose money by not claiming expenses, not spotting when overheads are higher than sale values or not reclaiming their full TAX entitlement.
Hammond & Co will both ensure your records are accurate and help you get the ‘added value’ of effective business advice.
If a business fails to keep adequate records they can be fined up to £3,000 by HMRC, along with an additional tax bill if the records result in an incorrect tax return being filed.
We will make sure you records are entered correctly and on-time, every time, giving you a clear picture of exactly how your business is performing and ongoing peace of mind.
Good records mean you know at any given time how much the business is owed from customers, how much money is owed to suppliers, and how profitable the business is.
This enables better decision making, effective planning and allows you to pinpoint where improvements in cash flow and profitability can be made.
Your dedicated Hammond accountant offers you unlimited help and advice year-round to keep you and your money on track.
If you have any questions or you're ready to make a start, just send your number and we'll call you.