The need to keep accurate records doesn’t mean files and files of paper documents anymore. The law does not say how you should keep your papers and most records can be kept electronically (on a computer or any storage device) as long as all the information on the document, both front and back, is captured and allows for the information to be presented in a readable format.
It is especially important if you are starting a new business that you get a good bookkeeping system in place from the start.
As a consultant, contractor or freelancer you will invariably benefit financially from working through your own limited company; although it will mean you are responsible for ensuring the company records are kept in good order.
The company records have to be well maintained to be able to show the financial position at any time and to comply with the Companies Act 2006; and also to make sure that your company returns filed with HMRC and Companies House are completed accurately and on time, ensuring that you never suffer a late filing penalty.
We at Integro Accounting understand that time is a precious commodity and that many consultants, contractors and freelancers will prefer to use their time doing what they do best, which is one of the reasons for deciding to shake free of the shackles of employment in the first place. Please talk to us if you have a desire to ensure your records are being kept up to date and to have someone do this for you, as we will be able to advise you further.