Bookkeeping one of the 'most important business aspects'

Date: 1st February 2011

Small business owners operating in the UK could be encouraged to seek the advice of a specialist accountancy service following the recent comments of one industry expert.

Sara Rizk, editor of advice website Startups.co.uk, has claimed that bookkeeping is one of the most important aspects of running a business.

It comes at a time when HM Revenue & Customs is aiming to crack down on small firms employing poor record keeping practice in a bid to reduce unpaid taxes.

"If you don't have the best skill to do it yourself then you should really get someone on board who does. You just need to be meticulous about the records that you keep – you can't let anything slide," Ms Rizk commented.

"It's probably advisable to spend half a day or so each week to keep on top of it, so you're doing it as you go as opposed to having to do everything at the end of the year, when mistakes happen."

The expert also warned that taxpayers who missed yesterday's (January 31st) deadline for online tax returns will face a fine and interest for every day that their payment is delayed.

Posted by Jacob Williams