Be it any country, it is very important to keep a record of all the bills and invoices. Similarly, in the UK it is mandatory to maintain the supporting Bill for claiming expenses and VAT.t
If you are running a company in the UK, then being the head of the company it is very important to keep a record of the below-mentioned things:
About the VAT records:
For the company, it becomes highly beneficial when it maintains the VAT records, which involves:
If the company is making use of the cash accounting system then records of the cash flow, cheque system and rest all payslips should be maintained. Also, the company can make use of all the records to match with the pay slips.
Lastly, the company should also maintain certain accounting records such as,
It is important to maintain records as it will help to clear the records at the end of financial year. Also, the HMRC has also started a compliance check for better maintenance of records.
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