Do you have to keep paper copies of invoices UK?

Do you have to keep paper copies of invoices UK?

HMRC does not specify any rules about how a business must keep its records. Invoices can therefore be saved digitally or kept as hard copies. What’s important is that they’re kept accurately, accessibly and are legible. Of course, keeping paper copies of customer invoices for 6 years will take up space.

How do you keep invoice records?

The general rule is to keep your invoices for at least three years. This is the case with most supporting documents as well, including receipts, bank statements, payroll records, and any other documentation that relates to income, deductions, or credits on your tax return.

How long do you need to keep copies of invoices?

Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years.

Can you keep accounting records electronically?

The answer is YES! The good news is that for most types of sales and expenses, a scanned copy of the invoice or receipt is acceptable. You’re allowed to keep your records on paper, digitally or as part of a software package. The main thing is that records are accurate, complete and readable.

How long do I need to keep invoices UK?

You must keep records for 6 years from the end of the last company financial year they relate to, or longer if: they show a transaction that covers more than one of the company’s accounting periods.

Should I keep original receipts for HMRC?

You need to keep records if you have to send HM Revenue and Customs ( HMRC ) a Self Assessment tax return. You’ll need your records to fill in your tax return correctly. If HMRC checks your tax return, they may ask for the documents. You must also keep records for business income and outgoings if you’re self-employed.

Does HMRC accept electronic receipts?

When you’re running a business, do you have to keep paper copies of all your receipts, or will HMRC accept scanned copies? The answer is surprisingly simple: in most cases, the answer is yes, HMRC will accept scanned copies.

How long do HMRC keep income tax records?

You should keep your records for at least 22 months after the end of the tax year the tax return is for. If you send your 2020 to 2021 tax return online by 31 January 2022, keep your records until at least the end of January 2023.

What are the HMRC invoice requirements for VAT registered companies?

If you’re a VAT registered company, you are subject to additional HMRC invoice requirements. When invoicing as a VAT registered company, you must: Issue and retain valid invoices (digital or paper) Keep copies of all sales invoices, even if they’re produced by mistake or are cancelled

Where can I find more information about VAT invoices?

You can find general information about VAT invoices in section 16 of VAT guide (Notice 700). Paragraph 3.2 lists the legal minimum information requirements. There are additional rules about the content of your invoices if you are making supplies to the EU. You can find these in paragraph 16.16 of VAT and the single market (Notice 725).

What are HMRC’s records requirements?

HMRC requires your records to include: Copies of all invoices you issue or receive (paper or electronic) Self-billing agreements (if applicable) The name, address and VAT number of any self-billing suppliers

How do I issue an invoice to a customer in another country?

If you issue an invoice (either paper or electronic) to a customer in another EU member state, the invoice must include the: letters ‘GB’ (the country identifier for the UK), as a prefix to your VAT registration number. VAT registration number, if any, of your customer, prefixed by their country identifier.