Should the annual returns match the company bank statement to account for every single transaction you make? Do HMRC ask to see the bank statement as well when you submit your accounts?
Regards.
Regards.
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Yes they must match. That is basic accounting.Originally posted by conqurer View Post
HMRC don't ask for your bank statements unless they query your return. -
It rather calls into your question your record keeping if they don't.Originally posted by conqurer View Post
I would have thought that your accountant would have something to say about it, however, if yourCo is exempt from audit (and it probably is) then it is not their problem, it is yours.Comment
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I would say so. I have read that the IR will concentrate on the balance sheet rather than profit and loss. A balance sheet will not really balance unless bank receipts match invoiced income.
Should not really be a problem for a contractor company. You want to try it for one with loads of tiny sales, some exclusive of costs from credit card company, some paid by dribs and drabs that do not match invoices, bad debts, late payers, errors in payment. Nightmare!bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
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