Once registered, Revenue will advise you in writing to keep proper books of account.
In simple terms this means there must be a paper trail to back up and prove all the figures which will eventually appear in your returns, be it for income tax, VAt, paye/prsi etc.
Record keeping can be done through a number of ways as I have seen !
- Receipts / Invoices – all originals retained and passed to a book keeper or accountant.
- Hard copy day books or spreadsheets are filled in using 1 above.
- Or an accounting package like Tas books is used instead of 2 above to maintain the records.
