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The tax period can be a big puzzle, especially if it’s your first tax return as a self-employed person. Fortunately, by planning the preservation of your most important documents, you will be able to go through this step by being more serene. Let’s start with the most important question;
Which Documents should be Kept?
Of course, you must keep your tax returns, but also your records and your books. If your office is located at home, it is important to keep certain bills (e.g., electricity bill, Internet bill, rent bill, etc.), since they can be considered business expenses deductible tax. This accounting document gives a better idea of the deductions and depreciation you are entitled to, such as travel expenses.
How Long should these Documents be Kept?
According to some country laws, you must keep your records and your books “for at least six years after the tax year to which they relate.” It can also be said or rather applies to your tax returns. Also, it is recommended to keep your bills during the same period; indeed, in the event of an audit, you will have to present your supporting documents for your declared expenses.
Where should we keep them?
To ensure good preservation of your documents, it is important to be organized. Make sure you have a space dedicated to documenting management, such as an office. If it is not possible for you to have an office, have at least one place to gather your documents, such as a binder. After a supply of shirts and labels, choose your classification method.
Once your documents are classified using this data retention policy template, your tax returns will be easier to complete, whether by you or a trusted accountant. However, do not forget to check your self-employment status before this crucial step.
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