Do I have to keep all receipts & records for my tax return?

Q: Do I have to keep all receipts & records for my tax return?

16th October 2014

A: Yes, to both assist your accountant when preparing your return and in case of Revenue inspection. Your accountant will be able to advise better and calculate your taxable profit more accurately when provided with supporting invoices and receipts. From this information he/she will be able to identify items that may or may not be allowable for tax purposes. Revenue require that you maintain records for a period of 6 years and that the records you keep must be sufficient to enable you to make a proper return of income for tax purposes. If you are selected for an audit at a future date and have not maintained sufficient records, this can cause serious issue with Revenue, such as non allowance of unvouched expenses and application of interest on perceived underpayments of tax.

Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry