One question that I’m always asked is “How long do I need to keep my invoices and paperwork for?” The simple answer is 6 years, which is stipulated by HMRC.
Another question is “What do I need to keep?”
Basically you need to have invoices and documentation of all income and expenditure that you have applied to your business accounts. These are all sales and purchase invoices, record of expenses with receipts and a log book for any mileage allowance. Naylor Accountancy Services will always send their clients a spread sheet bookkeeping template with tips to ensure that their bookkeeping is done correctly. If you ever get a visit from HMRC it is imperative that you have all your records to hand and in good order.
If you are interested to find out more about record keeping or would like to know more about the our bookkeeping template please contact me on 01892 710 510 or email me at Nikolai@nayloraccountancy.com