Questions and Answers
Going paperless
The available space at my business premises is starting to shrink, and I was wondering if I could scan in all of my bookkeeping records (invoices, receipts, etc) and then destroy the originals. Would this be okay with HMRC?
For most businesses, going paperless will mean:
- Using bookkeeping software that generates electronic versions of their sales invoices. It should also simultaneously update your bookkeeping records
- Scanning in your purchase invoices from suppliers
HMRC will allow this for both VAT and other areas of tax, such as PAYE. However, the scanned document must be “faithful” to the original one and not doctored or converted into another file type.
Yu must ensure that your digital storage is safe and secure though- with backups being taken if necessary. Furthermore, the records should still have some sort of filing system in order that each document still may be easily traced and identified.
Please note, HMRC insist that dividend vouchers and bank interest certificates are still kept in hard copy.
Date published 11 Jul 2014
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.