The gbooks system – it could save you £3,000!
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| No-one enjoys spending time and effort recording their business income and expenses. But it has to be done, particularly with HMRC introducing “Business Record Checks” for small businesses later this year. Under the new system HMRC will be able to arrive at a business unannounced to ensure it is keeping “accurate and adequate” business records, with fines of up to £3,000 for businesses that fall short of the required standards.
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| Bailey & Associates provides the online gbooks system to make the dreaded record keeping process as painless as possible. The system, which can be accessed through a computer, an iPad or a web-enabled mobile phone, allows users to do the following:
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| Issue invoices – you can produce invoices in seconds and send them direct to your client. The system works out any VAT, and allows you to monitor outstanding payments. |
| Record expenses – you can enter business expenses and organise them in intuitive, easy to select categories. If you can reclaim VAT on your business expenses, the system will help you work out the relevant amounts. You can also import expenses from your bank account. |
| Produce and file VAT Returns – you can produce VAT Returns quickly and easily and file them electronically direct to HMRC. Once you’ve selected the dates for the VAT Return the system will automatically bring in the relevant income and expenses. Any changes to the main VAT rate, or to percentages used in the Flat Rate Scheme, will be applied automatically. |
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| Once entered, all the data will be stored permanently, ready for your year-end accounts or for any unwelcome visits by HMRC.
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