Unlimited Company – Accounts & Tax
According to the IRO, every business operator should properly prepared and keep the accounts for at least 7 years.
If the Company has assessable profit in any year of assessment, the business operator should notify the IRD within 4 months, otherwise the operator may subject to penalties and prosecution.
If the Company has allowable loss in any year of assessment, the loss could be carried forward to next year of assessment to offset the future profit.
Therefore, you have to prepare an accurate book of accounts, in order to know the amount of profit or loss for each year.
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