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Company debt advice customers reminded to keep financial records

Date Added: 17/01/2011  

Keeping proper financial records is important for firms taking company debt advice if they are to avoid fines.

This is according to the Forum of Private Business, which stated that it could cost an organisation more than £3,000 if their books are not up-to-date and correct.

Matt Holmes, the managing director of Liquid Accounts and accountancy advisor to the body, explained that HM Revenue and Customs is planning a clampdown on any firms, such as those taking company debt advice, which it feels is not keeping records properly.

"It is important that firms act now to get their houses in order - for many this will represent a lengthy administrative headache," he warned.

Mr Holmes added that a firm taking company debt advice can use mobile technologies such as apps, which can be used on smartphones to keep track of its finances.

This comes shortly after the forum reminded the government to ensure small businesses are included in its plans to boost job creation.

Posted by Miles Pritchard 

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