While it is a legal requirement that you keep business records for tax purposes, it is also a good idea to keep excellent records in order to maximize your income tax return claims.
Accounting Systems help you maintain good records of your transactions and tax invoices, manage your cash flow and make sound business decisions. They also make it easier to meet your tax obligations, and potentially save you time and money down the track.
FILE YOUR TAX ON TIME
Sole traders and individuals are required to file their returns by 31 October each year.
Other entities such as companies, trusts, partnerships have different filing dates that Revenue has prescribed.
GET A GREAT ACCOUNTANT
A great accountant is just like a surveyor because they know where the boundaries are.
They will ensure that you go to the limit with your deductions but that you don’t claim so much that you leave yourself open to a visit from Revenue Audits. With their fees being tax-deductible too, why wouldn’t you use a professional to handle your affairs?
WHAT’S THE NEXT STEP FOR ME TO DO?
We hope you found this blog useful.
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