Small business owners need to be aware of the latest penalties from HMRC if they do not maintain proper tax records.
The Inland Revenue plan to look into 50,000 small businesses that they suspect of keeping poor records that lead to an underpayment of tax.
If small business owners fall foul of these checks it may result in fines of up to £3000. Another great revenue making idea that is ill thought and guaranteed to destroy small business growth.Poor bookkeeping may be avoided by using the services of an independent bookkeeper.
Read our bookkeeping tips and best practices here
Scary information if you are not sure what you are doing. Outsourcing tasks such as accounts will help. See my blog to find out how.