Maintaining accurate business accounts is not just a legal requirement, but could actually save you money. Presenting your accountant with a box of receipts and bank statements at your year end could be very costly in terms of expensive accountant's time (our rates for regular bookkeeping are usually much lower as we have lower overheads than most accountants). There is also the inevitability of forgetting legitimate business expenses resulting in you actually paying more tax than you are required to ! Falling behind with HMRC requirements would prove even more costly. Not only in penalties and interest charges but it is also far more likely to encourage a full and potentially lengthy HMRC investigation. Having accurate, up to date accounts helps you make key business decisions. Possibly about expansion, extra staff, VAT registration, buying new equipment or vehicles. It could enable you to obtain improved funding or cut your financing costs.
