By Peter Taylor

Bills are only as vital as the other point of a company, and will be the most important to its prosperity or even survival. In "doing the books" you can be on the very center of the company, along with your arms at the controls. you may be excited about the administration of its resources and liabilities, its charges and its revenue margins. The extra regulate you might have over those, and the files and figurework on which they're established, the higher it is possible for you to to manage your personal company.

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Applying VAT on certain second-hand goods. Retention of records From time to time VAT representatives will call on you to check your records. You must by law keep all your business records (including purchase and copy sales invoices, till rolls if applicable, as well as cash books and ledgers) for at least six years. Where keeping all these records creates a serious storage problem, you can sometimes get permission to keep certain records for a shorter period. However, Customs & Excise approval must be obtained before you destroy any such records.

32 Accounting for VAT 61 The only way you can avoid the scale charge is by not reclaiming any VAT input tax on fuel that you buy, regardless of whether it's used for business or private motoring. If you decide not to reclaim you must tell your local VAT office. Depending on how much fuel you buy it can actually work out cheaper to forego the input tax on purchases and not to apply the scale charge. g. vans. But if you decide to forego the claim to input tax on purchases of fuel you must forego the input tax on all fuel purchased by the business including that used in commercial vehicles.

34 Book-keeping & Accounting for the Small Business Receiving purchase invoices You will receive purchase invoices, not only for goods that you buy but also for services such as telephone charges and rates. Accumulate these invoices in an unpaid invoice file until you are ready to pay them. When you pay them mark them 'Paid' and record the date of payment and ideally the cheque number. You should also transfer them from the unpaid invoice file to a paid invoice file. For the unpaid invoice file use the pocket or box type; for the paid invoice file use a lever arch or ring type available from most stationers.

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