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What level of Record keeping do you need to keep

27/03/2019 13:31:58
Hi
Sorry to be a pain, I work for a medium size company, do I need to keep:-
Paper copy - 6 years of Till Receipts from the Shops
Paper Copy - 6years of end off day till Declaration
Electrical - 6 years of Till Receipts from the Shops
Electrical - 6years of end off day till Declaration

In a nut shell do I need individual receipts if everything is generated by a Till System and do I need to keep Daily & weekly Declarations if I can get them off the Till Systemelectronically?

Can you give me some guidance please?

Thanks

Mark

This message was edited 1 time. Last update was at 27/03/2019 13:34:35

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Re:What level of Record keeping do you need to keep

28/03/2019 09:34:30
Hi Mark,

HMRC require you to retain receipts until 6 years after the end of the tax year.

If we were to enquire into your records and ask for evidence then you would need to be able to provide these.

How you keep these is up to you, as long as you have satisfactory evidence to relate to relevant income/expenses.

Thanks for your question.

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What level of Record keeping do you need to keep

29/04/2019 14:20:28
Hello,

Just to check – do all expenses receipts need to be originals? I usually take photographs of receipts such as travel tickets bought on the day etc, so as not to have millions of scraps of paper lying around. Is this ok, or should I be keeping all originals too?

Thanks,

Rose
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Re:What level of Record keeping do you need to keep

30/04/2019 07:08:16
Hi,

Please see section 19.6 of the following link for information on what VAT receipt information you must retain:

VAT Guide Notice 700 Section 19

Please also see the following link if you are specifically referring to Makin Tax Digital:

VAT Notice 700/22: Making Tax Digital for VAT

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