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How to Prepare for an HMRC Audit

When HMRC comes knocking, you donu2019t want to scramble for receipts or chase down missing records. Part of financial management involves keeping your records in good order so that audits are a breeze. This isnu2019t optional, either, and if auditors ask to check your finances theyu2019ll expect to see organised, accurate, and up-to-date record keeping.

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How to Prepare for an HMRC Audit

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  1. How to Prepare for an HMRC Audit • A guide by the Finance Team

  2. Understanding what may prompt an audit is essential. • Inconsistent income declarations can raise red flags • High expense claims may attract closer scrutiny • Repeated late submissions indicate potential issues • VAT discrepancies draw attention from HMRC • Unusual payroll or dividend patterns can trigger audits • HMRC Audits: Triggers to Watch

  3. Essential practices for audit readiness include: • Track income and expenses accurately • Maintain precise VAT and payroll records • Ensure compliance with Making Tax Digital • Utilize cloud software for instant access • Organised records demonstrate transparency • The Role of Bookkeeping

  4. Website • Thank You for Your Attention • HTTPS://ANGELBOOKKEEPING.CO.UK/ • Get in Touch With Us

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