View Full Version : Really confused!!!
I've been doing my income and expenditure sheet each month, but what do I do then? i've kept my receipts do I need to send them with my tax return form?
Sorry for sounding stupid it's the only part of my business that I struggle with?
Merry-Minder
30-11-2009, 03:51 PM
I am terrible at maths - so I have an accountant, I would pay him thousands if thats what he wanted for doing the maths for me!!
Chatterbox Childcare
30-11-2009, 05:20 PM
You should be using your receipts to compile your income and expenditure sheets. You can either attach the receipts to the sheets or keep them separately, either way make sure they are safe incase you get an audit. File your return and put everything in the roof for 7 years.
Straws
30-11-2009, 05:52 PM
7 years? I thought it was 3 years, god my loft will be packed out with all the stuff we have to save lol
Straws xx
cabby
30-11-2009, 05:56 PM
i staple all my reciepts to the correct months sheet put it in a folder and like debbie said put it in the loft, you only need your reciepts in case the tax man decides to check on you.x
Right thanks, i've stapled the receipts to each month so that's ok, I better clear a space for 7 years!!!!!!!!!!!!!!
Pauline
30-11-2009, 06:46 PM
7 years? I thought it was 3 years, god my loft will be packed out with all the stuff we have to save lol
Straws xx
Pity you can't add rent for paperwork to your fees :laughing:
More here on length of time and what to keep:
http://www.hmrc.gov.uk/sa/rec-keep-self-emp.htm
Chatterbox Childcare
03-12-2009, 12:35 AM
7 years? I thought it was 3 years, god my loft will be packed out with all the stuff we have to save lol
Straws xx
You need to keep it for 8 years including your current year. If you don't the IR has the right to backdate and fine you and issue penalties based on what they can see
Mine is just in 1 A4 folder for the year