BOOK-KEEPING Questions Answered

Q

What are the main tax allowable expenses for my business

It is not possible to lay down rules on what are and are not allowable expenses for every type of business, however FAQ on Tax Allowable expenses has a quick guide.

Q

What records do I need to keep for Tax Purposes

You should keep all trading records for 5 years from the end of that trading year. The records should include all invoices issued by you and records of all cash sales. It should also include all Direct costs and all Overhead costs (plus the relevant receipts) and some form of book-keeping system into which these are entered. (see book-keeping section).

Q

Are there any basics, tips or simple book-keeping systems on this site

Click on the Planning link, above, and select Book-keeping Tips and Basics from the menu. Also included is a simple monthly book-keeping spreadsheet in Excel which you can download