Simplified Record Keeping (SRK)

📢 Good news for small business owners! 🚀✨

If your annual revenue is $200,000 or less over the last two financial years, you could qualify for Simplified Record Keeping (SRK) 📂✅.

💡 What’s in it for you?

✅ Less paperwork 📉, more business growth 📈
✅ No need to keep every single source document (e.g., invoices & receipts 🧾).
✅ Simply maintain business records & accounts for 5 years 🗂️.

Spend less time on admin and more time running your business! 🎯💼

A small business (i.e., sole-proprietorship, partnership and self-employed person) that meets all the following conditions can qualify for SRK:

- The business’ annual revenue must be $200,000 or less for the past two financial years;
- The business’ assets amounted to less than $100,000 as at the end of the latest financial year;
- The business is not in the business of investment holding4 or property development; and
- The business is not GST-registered.

Importance of Record Keeping for Businesses

- Make better business decisions;
- Be aware of the financial status of your business (e.g. profit or loss position, whether there is any internal fraud or theft);
- Reduce the cost and effort required to accurately file the annual income tax return and to reply to IRAS’ queries (if any).

📌 Get a copy of the tax guide when you message us or email us at adept@adept-cs.om🔗

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