If you are self-employed, it is advised that you keep records for at least five years. Additionally, improper record-keeping is considered an income tax offense. This could result in IRAS rejecting your company’s claims for capital allowances and expenses. Under the Income Tax Act, those found guilty of poor record keeping could face up to six months in jail or a fine of up to $1,000 if they fail to make required payments. The period of limitations is the period […]
Bookkeeping
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