Where does everybody keep their receipts ?

[Bluebird]

I have a monthly 'enevlope' system backed up by an Annual 'Carrier Bag'.

However in these days of modern technology I'm thinking of up-grading - anbody got any good ideas ?

Thanks for your genuine suggestions, sarcasm and assorted wit.

[ratewhore]

you're more advanced than me. Although I use the envelope system, it's one big envelope with a good number of years receipts in there. God help me if I ever have to find a specific one. And if I get a VAT investigation, I'll either have to go through them all myself or my accountant will have to do it and I'll get charged for his time!!

Might be easier to shut the company down and start a new one...

[dmini]

I use a "standard" company style system. If you think about it, you have to submit employee expenses to the company once a month. Equipment purchased and other costs have to be able to be referenced, in case of an audit.

For my expenses, what I would count as employee expenses, I attach the receipts (and photocopies of them cos the original may well fade), numbered, to an expenses form for MyCo, and file when I claim back into big company expenses file
Company expenses, again, photocopy, number (eg Feb06-01 etc), put in cheap plastic folder & file. Can then use the reference on my spreadsheet accounts. Also, nothing for my accountant to have to go through - had her do a quick check on my first VAT return, and she was very happy. Means she will charge me much less

[Nixon Williams]

you're more advanced than me. Although I use the envelope system, it's one big envelope with a good number of years receipts in there. God help me if I ever have to find a specific one. And if I get a VAT investigation, I'll either have to go through them all myself or my accountant will have to do it and I'll get charged for his time!!

Might be easier to shut the company down and start a new one...

We keep copies of receipts for our clients in their file and this can be used for VAT visits to our office, and no we do not charge the client any extra for this service!

Alan

[DS23]

if i'm on an expenses gig (and those european jobs can mean a large number of expenses) i go through a monthly procedure of selecting the previous months receipts, separating them into currency piles and then stapling them in as much of a date order as possible onto sheets of a4.

so i might end up with two piles of a4 (say, euro expenses and sterling expenses) and on the front of each i will have another sheet of a4 that summarises the values held within.

i will then photocopy the lot multiple times for whoever needs them - one for my company, one for the agency, one for the client. it might be a pain to collate everything but it does make it easier to file and find and print.

i have also learnt the hard way that compiling these details into a spreadsheet is very useful for when the tax investigation begins.

[xoggoth]

Box files for three years with rest of company stuff, demoted to carrier bags in attic after that. Actually, by the HMRC's own rules one is perfectly entitled to throw them away after a period, think it's about 2 years, it will be on their website somewhere.

[Lockhouse]

I staple mine to the back of the corresponding bank/credit card statement then put them in a box in the office.

[The Lone Gunman]

The wife does mine. She runs the company.

Unclaimed in monthly envelopes in a carrier bag. (standard).
Once claimed they gat stapled together along with the claim form and put in the company accounts file.

[martinb]

My methodology is pretty similat to those mentioned above.

Was thinking about scanning them all and binning the paper copies to free up some space in the filing cabinet. Does anyone know if this is acceptable from an HMRC point of view? Or do they require retention of originals?

[kirk]

My methodology is pretty similat to those mentioned above.

Was thinking about scanning them all and binning the paper copies to free up some space in the filing cabinet. Does anyone know if this is acceptable from an HMRC point of view? Or do they require retention of originals?

Not sure about that but I'd be interested in knowing as well. I've emailed my accountant.