Tax man and receipts

luverlyjuberly
luverlyjuberly Posts: 178 Forumite
First Post First Anniversary
in Small biz MoneySaving
I'm just about to ove house and I'm looking at all the receipts I have kept in case the tax man visits. I think you have to keep them for 5/6 years.

They take up a lot of room and are a pain to keep and it's annoying when I have bank statements with all my incoming and outgoings, purchases, etc. listed.
And as i sell on ebay all my sales are on there and on paypal of cours.e

Whats the current thinking on keeping receipts - do we still have to do it or are bank statements enough these days?

Is everyone keeping their receipts or chucking them?
From September 2008 - Wepromiseto £133.19, Greasypalm £46.16, Quidco £10.40, Cashback Kings £74.54. Vouchers £31.00. myhpf £21.03
Topcashback £137.54 Matchbetting £24.70 MORTGAGE FREE END OF JULY 2015 (YIPPEE!)

Comments

  • the_JHD
    the_JHD Posts: 24 Forumite
    First Post First Anniversary
    I!!!8216;ve moved to using quickbooks. It!!!8217;s linked to my business account so every purchase is listed. You can also take photos of each receipt and link it to that purchase. I do keep receipts but as everything tax wise is going digital next year I!!!8217;m just gonna photo receipts and bin them.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    Combo Breaker First Post
    luverlyjuberly wrote: »
    Whats the current thinking on keeping receipts - do we still have to do it or are bank statements enough these days?

    Is everyone keeping their receipts or chucking them?
    the current thinking is you use google to find the rules then you read and follow them:

    sole trader:
    https://www.gov.uk/self-employed-records

    limited company:
    https://www.gov.uk/running-a-limited-company/company-and-accounting-records

    bank statements show you spent money, they do not show what you purchased with that money
  • Pennywise
    Pennywise Posts: 13,468 Forumite
    Name Dropper First Post First Anniversary
    You can keep electronic images rather than the actual paper copies,but yes you need something more than bank statements which as said above don't show what you bought.
  • Gareth83
    Gareth83 Posts: 971 Forumite
    May as well jump in on this thread, what's the best software to scan receipts in from phone? I'd also like the content readable so would help if ever I have to search for something?

    And what file naming structure is recommended?
  • phill99
    phill99 Posts: 9,093 Forumite
    First Anniversary First Post
    Gareth83 wrote: »
    May as well jump in on this thread, what's the best software to scan receipts in from phone? I'd also like the content readable so would help if ever I have to search for something?

    And what file naming structure is recommended?

    No. Don't jump on this thread. What you are after is nothing to do with the title of the original post.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
  • Gareth83
    Gareth83 Posts: 971 Forumite
    Someone's tired
  • rabeccaruffinitc
    rabeccaruffinitc Posts: 1 Newbie
    thanks for information.
This discussion has been closed.
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