Do we need to keep copies of receipts / invoices?

[littlesheep]

I've got them all saved on disk but do I need to print them out too?

Also - how long is it we need to save records for?

Thanks!

[chris]

I've got them all saved on disk but do I need to print them out too?

Also - how long is it we need to save records for?

Thanks!

Hi,
if you mean for Inland Revenue purposes, I believe it is 7 years. Not sure for VAT - maybe the same.
I think saving to disk is OK if you are able to supply the information when requested (i.e. what happens if the disk becomes corrupt?).
A friend of mine has just been 'summoned' to the Inland Revenue and they had to produce evidence of every customer for that year.

Perhaps others have more info......

[Tanya]

I print all invoices etc and put them in a folder until I need to do a tax return

I think it's either 5 or 7 years you have to keep records for

[Chell]

I hope we don't, I have all the invoices I have paid out but the money coming in ones are all in my site admin :unsure:

[Tanya]

everytime I sell something I print the order and file it away, I download my history from Paypal too

[friendlybaby]

You shouldn't need a hard copy, as long as you can guarantee an electronic copy for at least 7 years - so I'd suggest making a couple of backups.

Wendy

[Chell]

I do my paypal/Nochex once a month on a page rather than individually. I haven't had to do a tax return so far so I am clueless :unsure:

[Bunny]

you MUST keep records for the past 6 years, if you ever get investigated that's how far back they can go

[knotjustjigs]

TJ i also keep a hard copy but thats because i'm crap with technology and cautious! and also old school ....

Ketty x

[Bunny]

it's a good idea to keep a hard copy of all your invoices because what if the back up copy doesn't work the day the tax man asks to see it

[Tanya]

TJ i also keep a hard copy but thats because i'm crap with technology and cautious! and also old school ....

Ketty x

LOL

I've always kept a hard copy, I cannot rely on my computer, what if something happened to it, I can't take that chance.

When I print an invoice/delivery note to put it the parcel I print an extra one to go in my file

[littlesheep]

When I print an invoice/delivery note to put it the parcel I print an extra one to go in my file

I was doing that but I figured it was a big waste of trees

[Chell]

Thats what I thought Elaine, a waste of trees and ink. Each sale through the site is also on Nochex/Paypal too.

I don't print every Nochex/paypal invoice, just the monthly one.

[chris]

I don't keep a paper copy of all my invoices (as you say, so much paper and storage space). I have them all individually itemised on a spreadsheet and keep backups plus paypay / nochex etc.
I have all my expense invoices and receipts.

I am thinking large retail stores - they do not keep an individual record of every customer so surely summaries must be accepted by the Inland Revenue if they show sufficient info.
I know the IR is very interested in any cash sales!

[MrTempleDene]

Large retail stores however do have the second copy of the till roll for each till in every store, I'm betting HMRC would quite happily spend as long as it took to demand and go through every single till roll if they thought there was some sort of fraud!

I suspect however, the system which conglomerates all that info is authorised by HMRC so a summary from it is acceptable.

Don't forget though, if you have a loyalty card/clubard etc., somewhere there is a massive database which shows every last little thing you ever purchased from the shop.

[trogette]

scary thing... an in-laws family friend was in the US and was buying something, got asked for his social security number, he said 'well I'm from the UK, I don't have one' so they said 'well we need something' so he gave them his NI number and it brought up his name and address. from the US!

I keep backups of my oscommerce database and paypal and nochex csv files, if I kept paper copies of everything my house would be even more overflowing than it is!

The time limits are 6 years for income tax and 7 years for VAT.

[feistygal]

I was keeping paper copies of all my sales receipts but have now decided to stop. All the site orders are obviously in the Osc admin panel, the eBay ones in eBay and paypal and the Amazon ones in the Amazon panel. All the details of every sale are also in Quickbooks. I've started to keep backups (on Cd-roms and one copy here and one at my parents) of my Quickbooks files instead and I know Sadie backs up the site too.

[knotjustjigs]

When i get my office up and running and in some sort of order i will organise that and do back ups, i hate the thought of all that paper/ink etc but for now i will have to carry on as i am keeping a hard copy....


Ketty x

[stephelen]

I keep a hard copy of all my sales receipts as I do not trust cdrom's and back ups to be okay for 6/7 years.
I know I have all the information on paypal, ebay and in my websites database but what happens to all that info if you decide to shut your accounts? Ebay info only goes back so far so wouldn't be able to count on that.
Love away of doing things abit simpler and with less paper work but also want to be sure I have the info when/if needed

[Tanya]

until I have mega sales I will continue to keep hard copies, if I had 100's of sales a week I probably wouldn't do it as I'd need a second house just to keep everything in lol

[knotjustjigs]

:cheesy: me too...

Ketty x

[tracey2756]

I have a big box full of sales and purchases for the last 7 years