Storage of receipts

**Robot** · 4 January 2005, 11:36

Storage of receipts

"I am currently putting them on a weekly basis in a labelled envelope. Once I have written them in the books, then I am putting them in a box file. Is this over the top?"

Nothing wrong with what you are doing, just remember to keep this stuff for six years.

**Underscore** · 4 January 2005, 16:05

Mine were all burnt in a fire. Shame.

**weemster** · 4 January 2005, 19:15

Why Bother ?

Why not go Flat rate and forget the receipts ?

**xoggoth** · 4 January 2005, 19:16

Re: Why Bother ?

There is a flat rate for VAT but is there one as far as HMCE is concerned?

bolox I meant as far as IR concerned.

**Robot** · 4 January 2005, 20:42

Re: Why Bother ?

"Why not go Flat rate and forget the receipts ? "

You will still require them if the Inland Revenue investigate the company.:\

**rebeccaloos** · 5 January 2005, 11:22

Re: Why Bother ?

receipts are kept not only for VAT purposes, but also for reimbursable expenses purposes, i.e. if you stay overnight in a hotel, you can deduct the expense from your income that is taxable, but you need to keep the receipt for this, as the IR can investigate later
So this has nothing to do with VAT, just expenses.

Storage of receipts