Record Keeping

The IRD requires that you keep sufficient records to be able to calculate your income and expenses and confirm your accounts.

This would include:

• manual cashbooks / ledgers
• computerised accounting system backups
• bank statements, credit card statements, cheque butts, deposit slips
• buyer created tax invoices / payslips
• receipts and invoices received from suppliers i.e. phone, etc
• motor vehicle logbooks
• wage records
• interest and dividend statements
• legal statements
• details of calculations for use of home as office These records (including any in electronic format) need to be retained for at least seven years - even if you cease business activities.