As your accountant, we recommend retail businesses maintain thorough accounting records for tax compliance including daily sales records, cashbook entries, invoices issued to customers and received from suppliers, bank statements, receipts for expenses, mileage logs, stock inventories, asset registers detailing equipment purchased, payroll records for any employees and VAT accounting details if registered. We can provide templates and software to help record everything systematically. Keeping proper tax records enables us to complete accurate tax returns and ensure you only pay the tax legally due.