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Thursday 10 March 2011

New online tools for business

Business Link and HMRC have just released some online guides for SME's to help keep their business records on track. They have been produced in advance of the launch of HMRC’s new Business Record Checks programme later this year, which will impose penalties for significant record-keeping failures.

  • 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

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