VAT record, do you need keep every single receipt?

[sea8]

or just a daily summary?

 

[sea8]

accountant said only daily summary is ok.
Did I misunderstood?

some website mentioned, you need
POS records

• Individual items sold or purchased
• Date of sales or purchase
• Sales or purchase prices
• Sales tax due
• Vendor names
• Invoice numbers and amounts
• POS identification numbers or purchase orders
• Methods of payment

 

[Chris Ashdown]

Yes you keep every invoice in or out for about 6 years

you enter each transaction as directed by your accountant or software

 

[WaveJumper]

Either misunderstood or you need a new accountant

 

[Scalloway]

You can just enter a daily summary in your accounts but you must keep all the back up documents in case HMRC have a query or wish to inspect your records.

 

[Rana2006]

Hi I registered one of my limited company for VaT in 2016. I closed this company in 2018 and also reregistered for VAT. How long should I keep VAT record for this company. please guide.

 

[Spur Support Services]

The question is a little vague.
Assuming you mean retention of receipts for costs and expenses, the rules are slightly different for self employed as compared to limited company, but essentially you should keep records of business expenses for 6 years plus the current year.
Anything that you don't have evidence for, other than fixed rate expense claims, may be open to challenge by HMRC, but they can only go back the full retention period in special circumstances.

The documents can be stored electronically, which is one of the reasons that I'm such a fan of Xero and Hubdoc. This is particularly important as ink degrades on some till receipts.

It could be that your accountant is only interested in the information to create you VAT return on the assumption that you are already satisfied that the VAT is fully recoverable/due.

 

[Scalloway]

Hi I registered one of my limited company for VaT in 2016. I closed this company in 2018 and also reregistered for VAT. How long should I keep VAT record for this company. please guide.

Although the company is dead in theory HMRC could have it restored to the Companies House register and investigate its affairs. I would keep the records for the recommended 6 years. You could scan the records onto your computer and dispose of the paper records if you wish to save space.

 

[WaveJumper]

Good call from above regards the ink degrading on till receipts if you have not scanned your documents in for safe keeping this is a very good reason to nip out and buy that scanner this BH

 

[Spur Support Services]

Good call from above regards the ink degrading on till receipts if you have not scanned your documents in for safe keeping this is a very good reason to nip out and buy that scanner this BH

To be honest... don't waste your money on a scanner unless you need it for another purpose. Pictures from a phone will also be read by software if required, so the cheapest option, if you are closing your company, is to just take pictures and upload them to an appropriately named secure cloud storage folder.

I have a scanner/printer combined and although it can scan on a compressed setting that makes the files smaller than pictures, it is soul destroying loading one page at a time onto the top plate.

 

[Chris Ashdown]

Lets be honest till receipts are not likely to be of any great value, and anyway filed in a folder like most companies do, they will not be subject to degrading as out of the sunlight. any reasonable amount spent would have a proper invoice anyway and if a shop then stored in rolls and again protected