A local accountancy firm is reminding Shropshire businesses to keep their financial records up-to-date so they aren't caught out by HMRC's promise to get tough on firms whose paperwork is in poor order. 

Shrewsbury-based TaxAssist Accountants is advising companies to keep records of key documents such as invoices, bank statements and paying-in books for at least six years to help them avoid any possible investigations or fines.

Last month, HMRC pledged to crack down on around 50,000 small businesses across the UK over the course of the coming year for failing to maintain up-to-date records and under-paying tax. It claimed that as many as 2 million SMEs currently keep their records in poor order, and signalled its intention to hand out fines in excess of £3,000 to the worst offenders.

Nigel Lomax, Owner and Director of TaxAssist Shrewsbury, commented: "Time and time again it has been proven that successful businesses keep up-to-date accounting records - it enables them to see if they've got enough money coming in, and helps them to plan ahead for a profitable future.

"HMRC will be keeping a keen eye out for discrepancies such as invoices, cheque stubs and receipts without any supporting books or analysis and any transactions or amounts that aren't accounted for."

The Shrewsbury office of TaxAssist Accountants is owned by Chartered Management Accountant, Nigel Lomax, and looks after the Shrewsbury, Oswestry and North Shropshire region from their office on Sundorne Road in Shrewsbury. TaxAssist Accountants is the largest network of accountants in the UK, and focuses its skills specifically on small businesses and taxpayers.