How long do I need to keep my subsitence Expense Receipts?

[ukcontractor2007]

Hello,

Pardon if this question has been asked before.

I have been contracting for a number of years via umbrella companies, recently went back to perm . As like most I have been using the daily and nightly sub claims without sending the umbrella a copy.

I just wanted to know how long do I need to keep the receipts before I can throw them away. I heard it was 24months but some say 5years. I know the IR can go back 5-6 years of records but does that include receipts for trivial stuff.

Sensible thing would be to keep them. But would be nice to know the correct answer if anyone knows.

Many Thanks.

[fzbucks]

Hello,

Pardon if this question has been asked before.

I have been contracting for a number of years via umbrella companies, recently went back to perm . As like most I have been using the daily and nightly sub claims without sending the umbrella a copy.

I just wanted to know how long do I need to keep the receipts before I can throw them away. I heard it was 24months but some say 5years. I know the IR can go back 5-6 years of records but does that include receipts for trivial stuff.

Sensible thing would be to keep them. But would be nice to know the correct answer if anyone knows.

Many Thanks.

Keep all your accounts for 6 years would be my advice, I keep mine in the loft in a folder in a box - nothing special but they're accessible if required.

[Sockpuppet]

Ltd co accounts have to be kept for 3 years, Plc's for 6.

Depends how much space you have. Wack them in the loft and forget about them.

[Jason D]

For tax requirements all companies need to retain their records for six years, the three year thing for private companies is company law

[ASB]

http://www.hmrc.gov.uk/pdfs/sabk4.htm

It depends on what the records are supporting. Can be as little as 22 months or or can be 6 years.