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Sole Trader Accounts for a taxi man?

  • 05-12-2011 11:19am
    #1
    Rob01
    Registered Users, Registered Users 2 Posts: 280 ✭✭


    Hi

    I'm just wondering does a taxi man need to maintain a set of accounts with a P&L and Balance Sheet or is filling out a tax return each year sufficient?

    Regards

    Rob


Comments

  • #2
    trg
    Registered Users, Registered Users 2 Posts: 378 ✭✭trg


    An income and expenditure account is sufficent Rob + the capital allowances however there may be benefit to having a P&L and balance sheet so that you have sight of all assets and liabilities e.g. the car, the license and any loans you have.

    If hiring an accountant then i would imagine the costs would not be much more to have a proper set of accounts than an income & exp account for the tax return.


  • #3
    Rob01
    Registered Users, Registered Users 2 Posts: 280 ✭✭Rob01


    Thanks


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