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Whatever kind of business you run, you are required by law to keep financial records relating to it.
There are a number of business benefits to be gained from keeping accurate and up-to-date records. It saves you time, and therefore money, whenever you need to produce financial reports. You can be confident that you're only paying the tax you owe. It also helps you keep up to date with how much you owe to suppliers and how much you are owed by customers.
Voscon Chartered Accountants shows you how to meet your legal obligations and set up a basic system that works for you.
If you are registered for VAT, you must keep certain business records and VAT records of your sales and purchases. You must also keep a separate summary of your VAT, called a 'VAT account'.
There is no set way of keeping these records and accounts. In most cases, they can be easily adapted from your normal business records. The main thing is to ensure that they are complete and up to date and that it is easy for VAT officers to access them when you have a VAT inspection.
Voscon Chartered Accountants explains how to go about keeping your business records, VAT records and VAT account and provides links to further information about what you need to do if you are using one or more of the special VAT accounting schemes.
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