You should also keep private records including private bank account records, as well as, your business records. Keep your private records of wages and salaries for twelve months. When the Department officers carry-out an audit they often have to check private records, as well as, business records. If you do not keep these records, the audit can take longer and you could incur costs in obtaining the records.
YOUR PERSONAL TAX
Don’t forget that, along with your tax obligations for your business, you also have obligations to Inland Revenue as an individual.
These obligations include:
- Supplying earnings certificates such as a TD5 Form from any wages and salaries you have earned during the year.
- Keeping receipts of medical bills, insurance premium paid, mortgage interest paid on private residence, repairs, property tax, pension or NIC contribution paid.