An important part of running a company is keeping proper records of its transactions from the start, right from when it begins trading. It's a legal requirement, under the Companies Act 2006, and they must be made available for official inspection at any time.
Every aspect of a company's financial data must be recorded, including all its income from the sale of products or services and everything it pays out. In addition, any debts must be detailed as well as the value of a company's assets. VAT records must also be compiled, showing how much has been paid and what, if anything, remains outstanding.
With VAT transactions, companies must have a record of all their sales and items they have bought. A summary of VAT is also legally required and is known as a VAT account. If anything is incorrect in the compilation of these records – which can be done manually or by using a computer program – visiting officers from HM Revenue & Customs may impose penalties.
These records are necessary to determine the financial health of an enterprise, and they must be kept at its registered office address, the location where the company was listed as being at the time it was registered with Companies House. Here at Coddan, not only can we take the administrative burden out of compiling financial and VAT records with our leading accountancy, bookkeeping and taxation services, but we can also provide a registered office address at the time of formation.
This is especially beneficial for those firms who do not wish to be disrupted by visits from government officials wanting to view their records, and it also confers a high level of confidentiality to a firm's operations. Businesses operating from home can especially benefit from this service. The records will be kept at a registered office address, which are available in high-profile locations in main cities around the UK.