HMRC does not expect perfection, but it does expect you to be able to back up what you claim. A simple receipt routine protects your expenses if you are ever asked about them, and it saves time at year end. This guide is general information, so check GOV.UK for current rules.
What to keep
- Receipts and invoices for everything you buy for the business.
- Invoices you issue, and records of payments you receive.
- Bank and card statements.
- Mileage logs, and notes of the business purpose for mixed-use items.
- Contracts, and correspondence that supports a claim.
What a good receipt shows
- The supplier’s name and the date.
- What was bought, and the amount paid.
- The VAT, if the supplier is VAT registered, and their VAT number if you plan to reclaim it.
How long to keep records
- Self Assessment: at least five years after the 31 January filing deadline for that tax year.
- VAT records: generally six years.
- Company records: generally six years from the end of the accounting period.
Are digital copies enough?
Generally yes, if they are clear, complete and cannot be changed without a trace. A photo or scan of a receipt, stored safely with a backup, is normally fine. Keep the original if the paper might fade, such as thermal receipts.
A five-minute routine
- Capture it straight away. Take a photo when you buy.
- Record it weekly. Enter or match the transaction in your books.
- Attach the receipt to the transaction, so it lives with the record.
- Categorise it and use bank rules for repeat costs.
- Reconcile monthly, and check nothing is missing.
What if you lose a receipt?
Do not invent one. Use your bank or card statement as evidence of payment, write a note of what it was for, and try to get a duplicate from the supplier. Ask your accountant how to treat it.
How AvrioBooks helps
Attach receipts and documents to any bill or transaction, so they sit next to the record. Bank rules categorise regular costs, and the history of changes shows who did what. See expense tracking software and the help guide Attachments and history.
Frequently asked questions
How long do I need to keep receipts?
For Self Assessment, at least five years after the 31 January filing deadline for that tax year. VAT records generally need six years.
Can I keep digital copies instead of paper receipts?
Generally yes, if they are clear, complete and stored safely. Thermal paper receipts fade, so keep a digital copy.
What if I have lost a receipt?
Do not create one. Use your bank statement as evidence, note what it was for and ask the supplier for a duplicate.
Can I attach receipts in AvrioBooks?
Yes. Attach documents to a transaction so the receipt stays with the record.
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