I am bookkeeper for one haidressing salon.
I wondering about their sales cash transactions ...
They keep all sales records on cash book.
It is enough for Inland Revenue in case of some control ???
I tried to find some requirements to keep cash register, but nothing found.
Can you give me advice about matter of cash register or eventually where I find details of this matter ?
Really thanks in advance
Kajutka26
Replies (4)
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How else would you do it?
Modern cash registers allow you to input all sorts on info on sales, which together with lodgement details and cash expenses records should be adequate.
Legal obligations
As far as I am aware there is no legal obligation to use a cash register.
But if a cash register is used and a balanced cash book is written up daily the records will be much more robust in the event of a challenge from HMRC.
Also a cash register and a good set of records will reduce the risk of thefts of cash from the takings (or of any thefts which do occur of remaining undiscovered).
David
Legal obligations
If trader is VAT reg'd then VAT public notice 727 para 4.4 and 4.5 are the legal requirement and will be enforced at VAT visits