Self Employed and small purchases

nc35

Hi All

Just a quick question as I try to prepare self assessment.

I am self employed with turnover less than £30k p.a. so no VAT to worry about.

Some of my purchases are from eBay and the like and are less than £10....

Do I have to print off and keep the ebay/paypal receipt for these? Is there a discretionary material limit for paper records?

Needless to say I have recorded the expenses from the PayPal/eBay statement.

Thanking you all in anticipation

PlutoinCapricorn

You need records of expenditure in case of an enquiry or investigation by HMRC. They may ask to see the evidence to back up your figures.

In your position, I would keep the email notifications for individual items for at least four years (it used to be six), so that they can be printed out if necessary.

I always scan paperwork, and shred it after 6 years. I do as little printing as possible, but keep the records on disk so that they could be printed on demand.