Have you or do you want to be greener and become paperless? We do, I hate paper it is everywhere. However today I was made to ponder a problem, does the system allow us to become paperless? When I say system I really mean HMRC…
In your endeavours to reduce your paper load and get it all on your PC remember that you still need to keep adequate records and you still need to keep them for 6 years, more for other pieces of information like insurance. So ask yourself does your IT systems allow for this???
To elaborate, if you use an online accounting system and store receipts for purchases this OK but remember it is your job to make sure that the information is complete and archived. The HMRC have issued guidelines for preserving records in a digital form and it is worth checking out and implementing, the key points are if a person preserves the information contained in paper records on computer by transferring the information into an electronic form, they may discard the paper provided that the method of storage used is capable of
· Capturing all the information needed to make a correct and complete return, and
· Reproducing that information in a legible form.
In the end its worth doing as if you are like me and hate tonnes of pieces of paper floating around the office this is a small price to pay in saving the environment.
Don’t you think!
to read more visit http://www.hmrc.gov.uk/manuals/chmanual/ch13100.htm