Limited companies, Sole traders, Partnerships are required to keep accurate records for both taxation and VAT purposes. Good bookkeeping practices benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently, which should in turn avoid late filing penalties.
H M Revenue & Customs are strict on keeping proper accounting records and there are fines/penalties when improper records are kept. For individuals filing self-assessment tax return, records must be kept for at least 5 years after the 31 January submission deadline of the relevant tax year. For companies, directors must keep accounting records for 6 years from the end of the last company financial year to which they relate. ASVSH ACCOUNTANCY SERVICES, Accountants, Tax advisers in Camden Town, Gospel Oak, Hampstead, Kentish Town and Islington, Accountants in Camden Town.