CHECKLIST ON INCOME REPORTING (For your retention) Reporting of Revenue & Gross Profit Yes No Have you reported your revenue on all the sales invoices or sales records 1. (including cash sales)? Estimates are not acceptable. Have you reported your revenue based on the full gross sales figure? (i.e. revenue 2. reported should be the gross sales figure before deducting any cash purchases, fees and other expenses) Have you reported all other sources of income received by the business? (E.g. sublet 3. of business premises) Are all your purchases and sub-contractor’s fees fully supported by invoices, receipts, 4. payment vouchers? All claims for purchases and sub-contractor’s fees must be based on actual amounts incurred and duly supported by documents. If your answer is to any of the question(s), please review your sales / & purchases amount and “No” submit a revised Profit and Loss Statement for the year(s) concerned. Year(s) of Assessment ______________ Please answer ALL of the following questions by putting a in the box.
CHECKLIST ON INCOME REPORTING (For your retention) Year(s) of Assessment ______________ Please answer ALL of the following questions by putting a in the box. Reporting of Revenue & Gross Profit Yes No 1. Have you reported your revenue on all the sales invoices or sales records (including cash sales)? Estimates are not acceptable. 2. Have you reported your revenue based on the full gross sales figure? (i.e. revenue reported should be the gross sales figure before deducting any cash purchases, fees and other expenses) 3. Have you reported all other sources of income received by the business? (E.g. sublet of business premises) 4. Are all your purchases and sub-contractor’s fees fully supported by invoices, receipts, payment vouchers? All claims for purchases and sub-contractor’s fees must be based on actual amounts incurred and duly supported by documents. If your answer is “No” to any of the question(s), please review your sales / & purchases amount and submit a revised Profit and Loss Statement for the year(s) concerned.