A small business bookkeeper can save your business from financial penalties

A small business bookkeeper will ensure accurate recording of transactions to help your business grow and comply with regulations.

Supposed you don’t have a bookkeeper and you, as business owner purchase 3 computers for £3,000 in total. Rather than capitalising the expenditure as an asset, you deduct it from your revenue. When your year end comes and you have to pay taxes as you have categorised it incorrectly as expenditure an not as an asset you will be incurring in a “careless mistake” for paying less taxes, hence you will owe tax of:

£3,000 x 19%  tar rate for small business = £570

Not only that, you will also incur in a penalty of 30%, which means you now owe

£570 tax outstanding x 30%  = 171

Addionally you will incur in interest from the due date of your tax return until you pay.

As you can see just for incorrect accounting of your laptops purchase you now owe a minimum of

£570 + £171  = 741