You must also keep any other financial records, information and calculations you need to prepare and file your annual accounts and Company Tax Return. Here are ten tips to make small business bookkeeping easier. who you bought and sold them to and from (unless you run a retail business).the stocktakings you used to work out the stock figure.stock the company owns at the end of the financial year.all money received and spent by the company, including grants and payments from coronavirus (COVID-19) support schemes.You must keep accounting records that include: Why should I keep records Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. Read more guidance on keeping a PSC register if your company’s ownership and control is not simple. Most accounting software can generate customer invoices. You still need to keep a record if there are no people with significant control. Let software lead in creating small business accountingrecords, like customer invoices and payroll tax forms. ![]()
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