MAINTAINING proper records is the key to any business realising its goals.
It is very important for businesses, whether companies, sole proprietorships or partnerships to adopt good record keeping practices. This is no different in respect of income tax matters for five main reasons:
Well-kept records may shorten the length of time an income tax audit takes to be completed.
Proper books and records may help you get loans from banks and other financial institutions.
Your records will keep you better informed about the financial position of your business.
Well-kept records can mean tax savings, as it can be used as a reminder of deductible expenses and credits.
Good records can help verify all your business expenses for tax audit purposes.
More information on record keeping and other tax issues may be obtained through the toll-free tax facility at 1-888-TAX-HELP or on-line at www.jamaicatax.gov.jm
