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Record Keeping

11/03/2017 21:44:59
You need to keep records if you have to send HMRC tax returns or reports. The type of records you need to keep depend on the returns and reports you need to send to HMRC.

• If you’re self-employed, you must keep records for business income and outgoings. The Self-employed business expenses e-learning explains more https://www.gov.uk/government/news/webinars-emails-and-videos-if-youre-self-employed

• If you’re a director of a limited company, you’ll have company returns and employer returns. There are employer webinars on the records you need to keep for employee returns and expenses and benefits https://www.gov.uk/government/news/webinars-emails-and-videos-on-employing-people

You’ll need your records to fill in your tax returns and reports correctly. If HMRC checks your tax return, they may ask for the documents.

If your business is registered for VAT there are further recording requirements. Find out what you need to do in the ‘VAT – how VAT works’ e-learning https://www.gov.uk/government/news/webinars-emails-and-videos-on-vat
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Record Keeping

21/03/2017 10:50:00
With the changes to the VAT flat rate scheme, now is a very good time for small business to revisit their status. Also cloud accounting packages like Xero and QuickBooks make it much easier to be on top of cash flow.
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Record Keeping

29/03/2017 16:24:12
Alison, Thanks for taking the time to share your thoughts with us, appreciated
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Record Keeping

31/03/2017 13:34:42
As a sole trader, who runs a cafe, I take credit card and cash payments for food. What records do I need to keep? My cash register does not have a working till role! thanks
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Record Keeping

02/04/2017 13:44:01
Can anyone tell me when i need to send my self assesment in , by the end of what month
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Record Keeping

03/04/2017 08:33:41
Hi Denise, for advice on what records you need to keep, please look at the advice on this link I hope this helps.

This message was edited 1 time. Last update was at 03/04/2017 08:34:08

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Record Keeping

05/04/2017 14:37:11
Hello HMRC Admin 5.
Thank you for the link with reference to record keeping. I can understand how the legislation is drafted to just say "records" and then you can have a non exhaustive list of examples. But could you please advise on the use of digital records. For instance in an earlier post you specifically mention xero. Well we use receipt bank to scan and archive the documents - and the pdf is then attached to the digital record for that invoice. Is this meeting our obligations please?
Thank you
Colin
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Re:Record Keeping

05/04/2017 15:04:07
Hello Colin


We do not have rules about how you keep records.

If you choose to keep the information electronically you need to make sure that if you scan a paper document it is an exact copy of the original and both sides of the document are captured.

Have a look at the information here, https://www.gov.uk/keeping-your-pay-tax-records
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Re:Record Keeping

06/04/2017 08:33:17
Hi Jonny B,
Re your post on 2nd April , for information on self assessment deadline dates please see here

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Record Keeping

09/06/2017 10:28:37
Hi!

I'm a baker and often sell my products at farmers markets. The prices vary from 50p to 5 pounds. I have 2 questions re. the invoices:

- HMRC requires for the "the company name and address of the customer you’re invoicing" to be included in the invoice. How can I comply with the requirement when selling to practically strangers at the markets and fairs?
- Do I need to issue an invoice for a 50p sale?

Thanks!
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Record Keeping

14/06/2017 08:30:50
HI Lyoka86

I am reading your post that you are referring to VAT record keeping, let me know if this is incorrect. Otherwise you can find help and guidance on record keeping for VAT here,

https://www.gov.uk/vat-record-keeping

Regards
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Re:Record Keeping

14/06/2017 12:24:14
I'm not a VAT-registered sole trader. Does that mean that I don't have to issue invoices?
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Re:Record Keeping

14/06/2017 14:13:09
Hi lyoka86
This link gives you info on record keeping for the self-employed https://www.gov.uk/self-employed-records
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Record Keeping

01/08/2017 13:06:14
Hello HMRC admin

when paying interim dividend on limited company does the dividend voucher has to be signed or can it be emailed unsigned?
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Record Keeping

03/08/2017 09:41:00
Hi
Thank you for your post yesterday. I have referred this to the Subject Matter Expert and will come back to you as soon as I have one.

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