Whilst there are no rules as to how you keep your records, (on paper, digitally or as part of an accounting software program), HMRC can charge you a penalty if your records aren’t accurate, complete and readable.
We recommend you read HMRC’s Guide Keeping your pay and tax records.
At Mostons, our clients have used many different forms of record keeping, from manual records to sophisticated accounting software. Often bespoke spreadsheets are sufficient for smaller businesses, but with growth comes a need for more complex record keeping and reporting.
Accounting software packages we currently work with include Sage, Xero, Kashflow, Quickbooks, Freeagent, and Clearlybusiness.
For year-end accounts and tax returns we use an IRIS software which offers a suite of precise, compliant and efficient software, to maintain and service our clients’ records as efficiently as possible.