VAT Inspection - what to expect?

[cojak]

That seems more expensive than using Sage Instant ....

My accountant has a discount with the company which works out at £18pm.

Still worth it in my view - I had Quickbooks before and it was far too fiddly for me. My accounts are shipshape and me accountant now longer has to nag me at year-end as he can see what he needs to see at any time.

[Eirikur]

Virtually all my (self) invoices are stored electronically, would the VAT man want to see printed versions or is electronically stored ok?

[Clare@InTouch]

Virtually all my (self) invoices are stored electronically, would the VAT man want to see printed versions or is electronically stored ok?

Soft copies are fine, same for receipts etc. The only thing you must keep in original hard copy format are dividend vouchers, as they contain a tax credit. As long as you've been preparing the vouchers as you go and keeping them on file you'll be fine.

If you keep everything for 7 years you'll cover all the time requirements for the various taxes. Insurance certificates I believe you should keep for 20 years, but makes sense to keep them forever just in case!

[TheFaQQer]

Soft copies are fine, same for receipts etc. The only thing you must keep in original hard copy format are dividend vouchers, as they contain a tax credit. As long as you've been preparing the vouchers as you go and keeping them on file you'll be fine.

If you keep everything for 7 years you'll cover all the time requirements for the various taxes. Insurance certificates I believe you should keep for 20 years, but makes sense to keep them forever just in case!

Are you sure that a scanned copy of receipts is OK?

Some years back, I did a large government department project where we were automating their post room and scanning all the post into the CRM system as it came through the post room. When it came to scanning expense receipts, we needed to get a formal sign off from HMRC that we could just have the scanned copies.

That was a good few years back, though.

[Clare@InTouch]

Are you sure that a scanned copy of receipts is OK?

Some years back, I did a large government department project where we were automating their post room and scanning all the post into the CRM system as it came through the post room. When it came to scanning expense receipts, we needed to get a formal sign off from HMRC that we could just have the scanned copies.

That was a good few years back, though.

Yup - here you go

HM Revenue & Customs: Keeping records for tax

HMRC recommend you keep all the original documents you receive. This does not mean you need to keep them on paper. Most records can be scanned and kept electronically on a computer or a storage device such as a CD or memory stick.

[TheFaQQer]

Yup - here you go

HM Revenue & Customs: Keeping records for tax

HMRC recommend you keep all the original documents you receive. This does not mean you need to keep them on paper. Most records can be scanned and kept electronically on a computer or a storage device such as a CD or memory stick.

Now to find a decent receipt scanner so that I can ditch the big folders of receipts that I have filed away

[css_jay99]

Its good news to be able to rely of digital copies to reduce paper load.

I have noticed that quite a few of my older paper receipts are rubbing off ...

[CloudWalker]

if they are printed on the thermal paper don't leave your petrol receipts in your glove box on a hot day
As when they ask for them you'll have a load of black unreadable slips of paper!

[Jessica@WhiteFieldTax]

Now to find a decent receipt scanner so that I can ditch the big folders of receipts that I have filed away

Fjuitsu (sp?) Scan Snap. Bees Knees - simple interface, reliable sheet feet, direct to PDF...

I scan ** everything ** on receipt....

[Batcher]

There are scanning apps available for mobile phones now. I use MDScan Lite for Android if I need it when I'm out and about. I have a proper scanner for office use too though.