As part of your obligations to Revenue Management as a Registered Company Tax Payer, you must keep records of all income and expenses for your business and for Revenue Management audit purposes.
These records include:
- a record of all receipts and payments
- bank statements, cheque butts and deposit books
- invoices and receipts
- working documents for all calculations, including a vehicle logbook
- a list of assets and receipts with cost price and purchase date
- a copy of the rental agreement and rent book
- a copy of any loan/mortgage agreement.
It’s a good idea to use a separate bank account for your business activity to record your income and expenses.
It is important that you keep accurate records of the purchases and sales of your business assets, As Revenue Management may check your depreciation deductions claimed.
The Income Tax Act 1997, requires that every person(s) carrying on a business or deriving and income (other than salary and wages) shall keep sufficient records to enable that person’s assessable income and allowable deductions to be readily ascertained by the Revenue Management Division.
These records must be held for at least five years, even if you stop operating. You don’t need to send your records or working papers with your tax return, but you must keep them in case Revenue Management wants to see them.
Fact sheets on Record keeping
Income Tax Act 1997. Part XIV Genreal Provisions. Section 217 Keeping Records.
Updated: 16.06.2018 (CP)
