This may sound like a very odd question but it’s something I come across very regularly when sorting people’s business account receipts, and many people out there are keeping hold of the incorrect type of receipt.
Whenever you purchase something out and about using your card you’ll notice that you are given 2 receipts – an ‘itemised’ and ‘card’ version, and you actually only need to keep one of these for reference should the HMRC ever want to see a copy.
So which one I hear you ask!
Well it’s very simple…the ‘itemised’ version.
So this is the receipt which has a list of all the items you purchased on there so the HMRC have clear reference of the item they are looking into. The other receipt you are given is the ‘card receipt’ which simply has the full amount you paid for the purchase. You cannot use this receipt as proof of purchase should the HMRC ever need to see a copy since it doesn’t actually show if you purchased the item they are looking for. So it’s very worth knowing this little fact to save you a lot of time and hassle down the line if you are ever audited etc.
Also I’ve written a whole blog about this following part but just remember you need to keep a copy of your business receipts for the following durations:
Self Employed/Partnership = 5 Years
Limited Company = 6 Years
And it’s all as simple as that!
I hope that helps and if you want anymore information just contact me at firstname.lastname@example.org
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