How long do we need to keep receipts for?

[Chatterbox Childcare]

Mr A - I know we have to keep them for 7 years to the 31st Jan but does this include the current year of 12/13?

Can I dispose of 2005/2006 now or do I have to wait until Jan 2013?

[MrAnchovy]

The rule is now five years from the filing deadline, so for 2005/6 five years from 31 Jan 2007 i.e. 31 Jan 2012 - ditch them now!

Note that if you are claiming capital allowances (eg for a car) it is five years from the 31 Jan after the tax year you sell/dispose of the asset that counts.

[The Juggler]

ooh goody, thanks for posting that Deb, I still have receipts from 2004

[Chatterbox Childcare]

The rule is now five years from the filing deadline, so for 2005/6 five years from 31 Jan 2007 i.e. 31 Jan 2012 - ditch them now!

good

Note that if you are claiming capital allowances (eg for a car) it is five years from the 31 Jan after the tax year you sell/dispose of the asset that counts.

not so good

I know have to keep them even longer! Can I ditch the bank statements relating to the years even if I have the car on CA?

[MrAnchovy]

Can I ditch the bank statements relating to the years even if I have the car on CA?

Oh yes, you only need to keep the invoice for the purchase of the car. Most small businesses keep a separate file for 'fixed assets' and anything that is claimed as Annual Investment Allowance or other capital allowances is filed in there until it is sold/scrapped.

[rickysmiths]

Oh goody. I have kept for seven years so now I can get rid of an extra years worth of receipts and statements. I can hear the filing cabinet heaving a sigh of relief as I type!!

[miffy]

The rule is now five years from the filing deadline, so for 2005/6 five years from 31 Jan 2007 i.e. 31 Jan 2012 - ditch them now!

Is this just receipts or accounts too?

Miffy xx

[MrAnchovy]

Is this just receipts or accounts too?

Miffy xx

Not sure whether you mean do you need to keep accounts as well as receipts (yes) or can you ditch accounts for 2005/6 (yes - but most people like to keep at least a summary for every year so they can see how their business develops)

[Chatterbox Childcare]

Brilliant - glad I asked now and the loft will be slightly lighter

[Chatterbox Childcare]

Just been in the roof and I still have 2004/2005 aswell as 2005/2006 so lots of shreading for me!

[miffy]

Just been in the roof and I still have 2004/2005 aswell as 2005/2006 so lots of shreading for me!

That should keep you busy for a while - just shredding one years sent my shredder into overdrive!

Miffy xx

[Carol M]

LOL, I have all 11yrs accounts stored in my loft!
Carol x

[sonia ann]

I've still got all my accounts/receipts since 1996..............oops

[Chatterbox Childcare]

That should keep you busy for a while - just shredding one years sent my shredder into overdrive!

Miffy xx

Took me nearly all morning as the shredder kept overheating

[cathtee]

I've still got all my accounts/receipts since 1996..............oops

Glad i'm not the only one i go back to '91 happy shredding

[PixiePetal]

better go through mine - amazing once they go into the loft they are never seen again - like a black hole up there!!