Poor bookkeeping can lead to serious tax implications for sole traders, including inaccurate tax returns and potential penalties from HMRC. Without proper record-keeping, sole traders may misreport income and expenses, resulting in overpaying or underpaying taxes. Underpayment can trigger tax audits, fines, and interest charges, while overpayment means losing money that could have bee... https://xactaccountants.co.uk/services/bookkeeping/