Starting a new business? Get 40% off our accountancy services for 3 months! 😀


HM Revenue & Customs are to introduce a programme which will implement checks on business records. Approximately two million Small and Medium Enterprises have poor record keeping which results in less tax being paid to the exchequer. Extra work is often caused for tax agents by poor record keeping which is totally unnecessary. £600 million is expected to be collected by the programme over the course of four years.

HMRC will consider issuing penalties for poor record keeping, and up to 50,000 checks will be carried out annually. Although tax agents provide advice to their clients regarding keeping records, many businesses do not follow it. As the economy is going through a particularly tough time, HMRC are eager to improve the record keeping of businesses, avoiding unnecessary financial loss.

Keeping records in an orderly fashion can be a time consuming practice for many businesses, which is why a reputable online accountancy is very often the solution. Records such as invoices can be submitted and utilised in real time, allowing the tax return and accounts to be based on actual figures rather than estimates.

Low cost accountants will be able to organise your records so that you will always have instant access to information. Many accountancy firms are also happy to deal with any investigations which are carried out by HMRC, taking an average of half a day to complete. Accurate business records are also required to help project profit and loss, making adjustments to your business as necessary.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

More posts by this author
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?


Call us on 020 3355 4047 if you’re not sure.