Bookkeeping Limit for Construction:
Yes, there are threshold for Bookkeeping Limit for Construction works & materials. The specific limit varies depending on the country or jurisdiction.
For example, in the United Kingdom, the threshold limit is £85,000 for the 2022-2023 financial year.
This means that businesses with a turnover below £85,000 are not require to keep full bookkeeping records. However, they are still require to keep certain records, such as sales invoices and purchase receipts.
The purpose of the threshold limit is to reduce the administrative burden on small businesses. However, it is important to note that even businesses below the threshold may still be required to keep full bookkeeping records if they are VAT register or if they are subject to other specific regulations.
If you are unsure whether your business is subject to the threshold limit, you should consult with an accountant or tax advisor.
Here are some of the specific records that businesses in the construction industry may need to keep, regardless of the threshold limit:
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Sales invoices
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Purchase receipts
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Bank statements
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Petty cash records
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Inventory records
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Timesheets
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Job costing records
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Equipment records
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Employee records
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These records must be kept for a minimum of 6 years. In some cases, they may need to be kept for longer.
For more information visit this side: https://www.mca.gov.in/
By keeping accurate and up-to-date bookkeeping records, businesses can improve their financial management, comply with regulations, and make better decisions about their operations.
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