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    • luverlyjuberly
    • By luverlyjuberly 12th Aug 18, 11:07 AM
    • 169Posts
    • 90Thanks
    luverlyjuberly
    Tax man and receipts
    • #1
    • 12th Aug 18, 11:07 AM
    Tax man and receipts 12th Aug 18 at 11:07 AM
    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!)
Page 1
    • the_JHD
    • By the_JHD 12th Aug 18, 11:17 AM
    • 10 Posts
    • 1 Thanks
    the_JHD
    • #2
    • 12th Aug 18, 11:17 AM
    • #2
    • 12th Aug 18, 11:17 AM
    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
    • By 00ec25 12th Aug 18, 12:58 PM
    • 6,805 Posts
    • 6,421 Thanks
    00ec25
    • #3
    • 12th Aug 18, 12:58 PM
    • #3
    • 12th Aug 18, 12:58 PM
    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?
    Originally posted by luverlyjuberly
    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
    • By Pennywise 12th Aug 18, 2:10 PM
    • 10,406 Posts
    • 19,410 Thanks
    Pennywise
    • #4
    • 12th Aug 18, 2:10 PM
    • #4
    • 12th Aug 18, 2:10 PM
    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.
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