Receipts and Freeagent - what's your workflow?

[Lance]

Receipts and Freeagent - what's your workflow?

So, the daily £7 from Tesco for lunch, 3 coffees at £2 each, and a tube ticket, do I need to keep the receipts?
FA seems to recognize them these days, what I do is I keep one receipt at every five transactions, just to prove that it's for meals while at work..

For pub meals that tend to be on the £15-20, I try to put them all in FA though.

If you reclaim the VAT you really should have the receipts to prove there was VAT paid.

If not then it’s up to you, but remember that receipts are evidence.

[ladymuck]

There's an argument that if you scan in a receipt it's always available whereas presenting a faded illegible bit of paper that's 5 years old during an investigation offers a smidge of plausible deniability. Never tested it...

[Chart Accountancy]

The records for an accounting period are to be kept for six years from the end of that period, and typical records include evidence of money received and spent by the company, such as receipts, invoices, bank statements, and a valid invoice is required to reclaim VAT. Electronic copies of all documents are perfectly acceptable.