Keeping records

[Scrag Meister]

A couple of months back ScragCo bought a new printer, which is a scanner as well.

This tied in with AccountantCo stopping keeping my receipts in their files. So now they just just check and return them. As well as doubling the fee last year.

Anyway, I am asking is it satisfactory as far as HMRC etc is concerned, to scan my receipts, invoices, timesheets, vat returns, div vouchers etc and keep them on a hard drive, so I can bin the paper.

[FiveTimes]

A couple of months back ScragCo bought a new printer, which is a scanner as well.

This tied in with AccountantCo stopping keeping my receipts in their files. So now they just just check and return them. As well as doubling the fee last year.

Anyway, I am asking is it satisfactory as far as HMRC etc is concerned, to scan my receipts, invoices, timesheets, vat returns, div vouchers etc and keep them on a hard drive, so I can bin the paper.

I would be careful getting rid of paper copies - but that's just my opinion.

I used to scan all paper work and store on a NAS drive - keep paper copies and email the pdfs to my accountant. This worked well but I never thought that I could get rid off the paper copy.

[craig1]

As a contractor, I'm not sure you'll be generating more paperwork than maybe a moderate size box per year. As you complete your annual books, box them up in a carefully organised way then stick them in your loft. Your soft copies are more than adequate for most purposes but you've still got the paperwork if someone gets very anal about a particular receipt. As you put a new box in there, remove any older than 8 years old and destroy securely; you can be more aggressive than this but, unless you're seriously short of space, why bother.

[Alan @ BroomeAffinity]

Hector's position here: HM Revenue & Customs: Records for Corporation Tax: what you need to keep

[Craig@Clarity]

A couple of months back ScragCo bought a new printer, which is a scanner as well.

This tied in with AccountantCo stopping keeping my receipts in their files. So now they just just check and return them. As well as doubling the fee last year.

Anyway, I am asking is it satisfactory as far as HMRC etc is concerned, to scan my receipts, invoices, timesheets, vat returns, div vouchers etc and keep them on a hard drive, so I can bin the paper.

The law doesn't how you must keep your records. I would say if you keep electronic copies then make copies of the front and back of the documents and that it is in a readable format if HMRC want to see it. Here's a link for you http://www.hmrc.gov.uk/factsheet/record-keeping.pdf

Where it refers to keeping originals where tax has been deducted e.g. P60, this is a little out of date as electronic copies of P60's can be issued from employers now.