Adequate record keeping

Adequate record keeping

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For a car mechanic. To date sales invoices have been recorded, business bank account reconciled, but the sales receipts have not been tied up to sales invoices. Some of the invoices are paid in cash which is not banked, but otherwise used in the business. There is an upcoming VAT inspection - should we be concerned?

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By johngroganjga
09th Jan 2014 13:05

So you don' know if the business has any debtors, and if so who they are, or whether all sales have been invoiced?  Yes your client should be deeply concerned at the prospect of an upcoming VAT inspection and you should charge top dollar for sorting out the mess before the visit. 

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