Financial Crime World

Here is the converted article in Markdown format:

Small Business Owners Urged to Keep Accurate Records

As small business owners in St. Lucia strive to succeed, it is crucial that they maintain accurate and detailed records of their assets, liabilities, income, and expenses. This is according to the Inland Revenue Department (IRD), which has issued a guide on record-keeping for small businesses.

Record-Keeping Requirements

Small businesses with gross annual revenue of not more than $200,000 from the sale of goods or not more than $350,000 from the performance of services are required to prepare their accounts. This can be done on a cash basis, reporting income received and expenses paid during the accounting period.

Key Areas to Focus On

When keeping records, small business owners should focus on the following key areas:

  • Assets and Liabilities: Business owners should keep records of:
    • Motor vehicles
    • Premises
    • Overdraft/loans
    • Personal money used in business
  • Contract and Subcontract Payments:
    • Details of contractors or subcontractors, including name, address, identity card number, amount, and date of payment
  • Depreciation Schedules: Profit and loss statements and balance sheets should be kept, as well as any other documents that confirm entries in the accounts
  • Bookkeeping: A cashbook is a record of all payments and receipts by way of cash or cheque

Example Cashbook Format

The IRD has provided an example of a simple cashbook format, which can be used to record receipts and payments.

Importance of Accurate Records

“We urge all small business owners in St. Lucia to take note of these guidelines and maintain accurate records,” said an IRD spokesperson. “This will not only help them stay compliant with tax laws but also ensure the smooth operation of their businesses.”

Contact Information

For further information, small business owners can contact the IRD at: