Receipts ?

Discussion in 'Accounts & Finance' started by TurboIT, Feb 14, 2014.

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  1. TurboIT

    TurboIT UKBF Newcomer Free Member

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    When retaining receipts for Items purchased such as petrol, equipment etc. Is it necessary to retain the original physical paper or would scanning it in and retaining as a PDF or PNG (etc) be acceptable?

    I'm VAT registered as well.
     
    Posted: Feb 14, 2014 By: TurboIT Member since: Jan 3, 2014
    #1
  2. alang23

    alang23 UKBF Contributor Free Member

    37 13
    Hi
    All I can add is that our Accountant wants to see original receipts and that they are available if required. We therefore go to the trouble of keeping them all, even though they take up a lot of storeage space.
    We were told that 'original' receipts were our absolute proof of our expenditure and could not be questioned.........whereas photcopies/scanned copies/etc can all be altered or amended.
    Regards
     
    Posted: Feb 14, 2014 By: alang23 Member since: Jul 27, 2013
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  3. TurboIT

    TurboIT UKBF Newcomer Free Member

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    How do you store the paper?
     
    Posted: Feb 14, 2014 By: TurboIT Member since: Jan 3, 2014
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  4. StevensOnln1

    StevensOnln1 UKBF Big Shot Free Member

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    Decent quality scans or photos should be equally acceptable to HMRC rather than having to store lots of small pieces of paper for several years. Some of the cloud based accounting packages have a facility to upload a scan/photo of a receipt and link it against the transaction in the accounts for easy access later.
     
    Posted: Feb 14, 2014 By: StevensOnln1 Member since: Dec 10, 2011
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  5. Scalloway

    Scalloway UKBF Legend Free Member

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  6. alang23

    alang23 UKBF Contributor Free Member

    37 13
    Hi Conrad

    We've got the space, so we have very large stacking plastic boxes. We put the receipts/invoices/docs in those and just stack them. At the end of 7+ years we get rid of everything we don't need. So we have a constant 7 year amount of back up docs available should the necessity arise.
    Regards
     
    Posted: Feb 16, 2014 By: alang23 Member since: Jul 27, 2013
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  7. alang23

    alang23 UKBF Contributor Free Member

    37 13
    Hi Conrad

    I suppose what it comes down to is that I also don't trust Computers.....I am the one that is likely to press the 'delete' button by accident and I end up losing everything !!! Or there may be a virus that destroys everything.
     
    Posted: Feb 16, 2014 By: alang23 Member since: Jul 27, 2013
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  8. David Griffiths

    David Griffiths UKBF Legend Full Member - Verified Business

    11,426 3,561
    We haven't kept paper documents for over a decade. Some have never even existed in paper form.

    Storing on computers is actually more secure than keeping paper copies, as you can have multiple versions in different locations, or in the cloud. If our server breaks (as it did last year) we have backups on DVDs, in and out of the office, and backups in the cloud in two different places. You almost certainly willl lose files at some stage, and that's why a good and tested backup system is essential.

    If you have paper documents there will only be one copy. If somebody throws out the wrong box, it's gone. If you have a fire or a flood, they are all gone. If you have petrol station receipts or credit card slips, how readable will they be in two years, let alone 6.
     
    Posted: Feb 16, 2014 By: David Griffiths Member since: Jun 21, 2008
    #8
  9. MIKE-1

    MIKE-1 UKBF Newcomer Free Member

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    Electronic storage of documents should be okay
     
    Posted: Mar 28, 2014 By: MIKE-1 Member since: Mar 27, 2014
    #9
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