How long to keep Expense Receipts

[tyut4669]

Can someone let me know,

In a one man company, what is the minimum length of time expense receipts to be kept for audit purposes. Can you throw light on both the business expense receipts and the personal expense receipts which are reimbursed by the company.

[Clare@InTouch]

6 years as per HMRC HM Revenue & Customs: Accounts and records for your VAT

But it wouldn;t hurt to scan them and keep them longer.

You should keep copies of insurance certificates indefinitely.

[tyut4669]

6 years as per HMRC HM Revenue & Customs: Accounts and records for your VAT

But it wouldn;t hurt to scan them and keep them longer.

You should keep copies of insurance certificates indefinitely.

From Hmrc website, I find, 3 years for expense receipts. Am I missing something ?
HM Revenue & Customs: Expenses and benefits record keeping

How long to keep your records for

You should keep your expenses and benefits records for three complete tax years after the end of the tax year to which they relate.

[Clare@InTouch]

From Hmrc website, I find, 3 years for expense receipts. Am I missing something ?
HM Revenue & Customs: Expenses and benefits record keeping

How long to keep your records for

You should keep your expenses and benefits records for three complete tax years after the end of the tax year to which they relate.

It's different for different taxes. Self assessment for example is only 5. It's easier, and safer, to just keep everything for the maximum as you don't know when you might need them of when they may overlap.

http://www.businesswings.co.uk/artic...ks-And-Records

[Clippy]

6 years as per HMRC HM Revenue & Customs: Accounts and records for your VAT

But it wouldn;t hurt to scan them and keep them longer.

You should keep copies of insurance certificates indefinitely.

Top tip.

[TheFaQQer]

6 years as per HMRC HM Revenue & Customs: Accounts and records for your VAT

But it wouldn;t hurt to scan them and keep them longer.

You should keep copies of insurance certificates indefinitely.

Technically, do you not need dispensation for keeping them electronically instead of paper?

I did a project where we were having employees keep their own paper copies, but the company would accept a scanned copy in to pay expenses, and they had to get HMRC permission to ensure that it was above board, IIRC.

[Clippy]

Technically, do you not need dispensation for keeping them electronically instead of paper?

I did a project where we were having employees keep their own paper copies, but the company would accept a scanned copy in to pay expenses, and they had to get HMRC permission to ensure that it was above board, IIRC.

I think Clare was referring to after the statutory retention period had expired.

[TheFaQQer]

I think Clare was referring to after the statutory retention period had expired.

Indeed - misread her post. Someone I know was advocating scanning them and binning the paper copies before the 6 year retention period, and I didn't read Clare's post carefully enough.

[rmmc]

Indeed - misread her post. Someone I know was advocating scanning them and binning the paper copies before the 6 year retention period, and I didn't read Clare's post carefully enough.

You can bin them once you scanned them. And also you do not need to get permission from HMRC. What HMRC says that as long as you can produce a copy they are happy.

[rmmc]

It's different for different taxes. Self assessment for example is only 5. It's easier, and safer, to just keep everything for the maximum as you don't know when you might need them of when they may overlap.

How long should you keep books and records? : Small Business Administration, Legal Advice : BusinessWings.co.uk

Are you sure that self assessment record should be kept for 5 years?