BOOK KEEPING
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The practice maintains clients' books and records. Usually this will be within an accounting software suite, in particular where the business is complicated and sophisticated. Periodic Management Accounts This is for those businesses with fairly sophisticated needs both for themselves and control of their customer/client records. Final Annual Accounts Much as for the above and, where possible, throughout the year. For VAT Returns Since the current annual threshold for VAT is £85,000, all businesses exceeding this level, ignoring those who determine to register early before reaching the threshold, are required to maintain their books and records on a quarterly basis (See VALUE ADDED TAX RETURNS) |
Where the business is quite simple, usually without a formal sales ledger (for customers or clients) or purchase ledger (for suppliers) it can be maintained within a cash book, spreadsheet format, updated at agreed/regular intervals.