HMRC Business Record Checks (Hammond & Co)

• Name of person completing form

• Company Name

• Conducted on

  Date

• Prepared by

• Location
  Address

KEEPING BUSINESS RECORDS: Whether you keep hand written books of accounts or use a computer the following questions are important to be answered honestly. Only answer YES if you keep full and accurate records together with the required evidence.

• Do you keep full records of your business income, invoiced sales or daily takings?<br>(The record should include evidence backed up the recorded sales - till rolls, sales invoices, paying in slips, bank statements etc:

  Yes

  No

  N/A

• Do you keep full records of your expenditure, whether cash or bank or credit card?<br>(The record should be evidenced by cash receipts, purchase invoices, cheque book stubs, and bank and credit card statements)

  Yes

  No

  N/A

• In your records of expenditure and supporting evidence are you able to separate expenditure - revenue and capital expenditure? (I.e. the purchase of goods for resale: REVENUE or the purchase of machinery or vehicle: CAPITAL

  Yes

  No

  N/A

• Do you keep your accounting records on computer, spreadsheet or accounting/bookkeeping software?

  Yes

  No

  N/A

• If yes, do you take regular backups of your accounts data?

  Yes

  No

  N/A

• Do you. Take and keep a full data backup after each year end is completed?

  Yes

  No

  N/A

Does your business receive any part of the income in cash?

• If yes, do you reconcile your cash book with your bank statements at least every month?

  Yes

  No

  N/A

• If the amount of cash received is more than 10% of your income, do you reconcile your cash movements on at least a weekly basis?<br>( do you add the opening cash in hand to your takings and cash drawn from your bank, deduct cash expenses and cash paid in to the bank, and make sure the difference is your closing cash in hand reconciles?)

  Yes

  No

  N/A

Is your business incorporated - a Limited Company?

• If yes, do you keep regular meeting minutes and have them on a regular basis?

  Yes

  No

  N/A

Is your business VAT Registered?

• If yes, do you use a computer to work out your VATpositon?

  Yes

  No

  N/A

• If yes, do you keep a hard copy or electronic copy of the calculations that make up each return.

  Yes

  No

  N/A

• If you keep manual records, do you prepare and keep a VAT account that shows how each VAT return has been put together?

  Yes

  No

  N/A

• In ALL cases do you keep hard copies of all the source documents?

  Yes

  No

  N/A

Does your business employ people, including directors?

• If yes, do you use software to prepare the payroll?

  Yes

  No

  N/A

• Do you,keep,hard copy or electronic records of all payments made to employees, and deductions made from their salaries?

  Yes

  No

  N/A

• Do you record and keep statuary documents ( including sick pay and maternity pay?

  Yes

  No

  N/A

Is your business affected with HMRC's Construction Industry Scheme (CIS) regulations?

• If you are a Contractor making payments to subcontractors, do you,keep records of all payments made with evidence of materials that the subcontractors have purchased?

  Yes

  No

  N/A

• If you are a Subcontractor, do you keep complete records of all payments you have received, copies of your invoices issued and payment statements received from contractors?

  Yes

  No

  N/A

Does your business keep all records for at least 6-years?

Do you have private use of any of your business assets, goods or services? (I.e. stock or vehicle use)

• If yes to stock, do you keep a record of any stock taken for personal use?

  Yes

  No

  N/A

• If yes to vehicle use, do you keep,a log of the personal/private mileage, if you,have a company car?

  Yes

  No

  N/A

• The information recorded within this report is accurate at time of completion

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