basic bookkeeping
Question
Running a small business - what records do I need to keep for tax purposes?
Hi all, I run a small business and I'm not sure what records I absolutely have to keep for tax purposes. I already have the following set up : Profit & Loss Statements, Expense Journals, Purchase Journals & Sales Journals... Some of the basics really. I've read about double entry bookkeeping and about recording all cash transactions, etc, but as I said, I'm not sure which ones I really have to keep for tax purposes.. Thanks in advance for any help ! Note - I'm a sole trader and have no employees, its just me ! I am tax registered and I need the basics as to what I need to keep to show mr. taxman...
1 month ago - 1 answers
Best Answer
Chosen by Asker
Well for starter workers payroll business expense report / receipt sales tax identification for you and your customer if they are operating as a resaler As for cash transaction, if you want to pay tax like a good citizen, record them and deposit them into a bank account. Over all, go to your local CPA or tax practitioner for more information as tax law changes and varies among business type.
by Kevin
1 month ago
Asker's Rating: 