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  • Housing Business Records

    Hi Guys

    Housing Business Records

    Grant Thornton Accountants

    Business records must be kept for seven years. Close companies, self-employed taxpayers, partnerships and trusts may apply to the Inland Revenue Department for permission to destroy some records before the seven-year period expires.

    Before granting permission for record destruction, the Inland Revenue Department considers the taxpayer's history of record keeping, payment of tax and the nature of the taxpayer's business.

    Regardless of the application, you are still required to keep journals, ledgers, cashbooks and supporting computer information for the seven-year period.

    "This article is general in nature and its brevity could lead to
    misrepresentation. No responsibility can be accepted for those who act on
    its content without first consulting Grant Thornton and obtaining specific
    advice. This article may be reprinted with our written permission."

    Grant Thornton Accountants
    Regards
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx
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