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Sole trader what records I should record

  • 04-02-2019 9:03am
    #1
    user2018
    Registered Users Posts: 1 ✭


    Hello


    I am planing to register as sole trader. There won't be any VAT involved. What records I should keep? What I should put on receipts/invoices for customers? I know of course amount but if I use some parts do I have to put them on the invoice as well? Do I should record customers names? Can't find any information for sole trader not on VAT.

    Thanks in advance


Comments

  • #2
    fankity flank
    Registered Users Posts: 62 ✭✭fankity flank


    I'd suggest you familiarise yourself with the Revenue website, there are many helpful resources in there. Best to use the Google for this, the internal search function on the Revenue website isn't great.

    For best practice I would just include all information on the invoice as is recommended for a VAT invoice, except the VAT of course.

    Although if your business is such that invoices are not practical, then there should be some sort of procedure to record the same information. In simple terms, there needs to be a paper trail of some sort that can be followed from every sales transaction.

    So if you lodge money into your business bank account as a sale, there needs to be a system in place to track and drill down into that detail.

    This sounds a lot scarier than it is, but by law you are required to keep adequate records when running your own business, whether you are VAT registered or not.


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