Business Records and Expenses

A self-employed person should keep all recepits and records of their income and expenditure from the day they set up a business. This is important in order to perpare an accurate tax return and claim all related business expenses.

The records kept must include:

• All purchases and sales of goods and services, and
• All amounts received and all amounts paid out.

All supporting records such as invoices, bank and building society statements, cheque stubs, receipts, rent books, etc. should also be retained. A self-employed individual is required to keep records for six years unless the Revenue advises otherwise.

Business expenses can significantly reduce one’s tax liability. Irishtaxback.ie will be happy to assist you in reviewing your business related expenses and preparing your income and expenditure account in order to assess your income tax liability.