Business records can help you to manage your finances, comply with legal requirements, and make informed business decisions.
RECIPE FOR SUCCESS RECIPE CARD
Ingredient
Cook the Books
Question:
What business records are required for a small food business?
Answer:
As a small food business owner, it’s essential to keep accurate records to manage your finances and comply with legal requirements. Here are some business records you should maintain:
Financial Records:
You should maintain financial records of all your business transactions, including sales, purchases, expenses, and payroll. These records will help you to track your cash flow, profitability, and tax liabilities.
Tax Records:
You need to keep records of your tax returns and supporting documents, such as invoices and receipts, for at least six years. You should also keep records of your VAT returns and any exemptions or deductions claimed.
Employment Records:
If you have employees, you need to keep records of their personal information, employment contracts, payroll records, and tax deductions. You should also keep records of any training, disciplinary action, or grievances.
Health and Safety Records:
If you handle food, you need to maintain records of your food safety procedures, including risk assessments, hygiene checks, and pest control measures. You should also keep records of any accidents or incidents and their investigation.
Licenses and Permits:
You should keep records of all your licenses and permits, including your food premises registration, food hygiene rating, alcohol license, and street trading permit.
Insurance Policies:
You should keep records of all your insurance policies, including public liability insurance, employers’ liability insurance, and product liability insurance.
Overall, maintaining accurate business records is essential for the smooth running of your small food business. It can help you to manage your finances, comply with legal requirements, and make informed business decisions.
