Good record keeping means tracking every sale, expense, invoice and receipt so you always know what you've earned, what you're owed, and what to declare. In Barbados you're required to keep proper business records, and the BRA can ask for them years later. Doing it from your phone keeps it painless.
What records you need to keep
- The invoices and receipts you issue.
- Your expenses and the receipts you collect.
- Bank and payment records: who paid, how, and when.
- Your tax filings.
Why it matters here
The BRA assesses self-employed income, you file a return each year, and once your turnover passes the VAT threshold you must issue proper invoices and file VAT. Clean records make all of that simple, and protect you if you are ever audited.
How long to keep them
Keep your records for at least five years, and longer for VAT. The BRA can reassess up to nine years back if anything is misrepresented, and you need written permission before disposing of business records, so don't throw anything out.
The easy way
Invoute keeps your quotes, invoices, receipts and payment history in one place on your phone, so the record is created as you work, not rebuilt at tax time.