There’s a dirty rumour going around that as a small business, you have to keep seven years' worth of receipts in paper form. That’s simply not true!
Yes, you do need to keep seven years' worth of receipts, but you don’t need to hold onto those scrappy bits of paper cluttering your home or office. Instead, take photos of them, and store them electronically – whether it’s in Google Drive, your emails, or even better, directly in your accounting software.
HMRC doesn’t need to see the original paper receipts. In fact, you’ll likely be emailing them anyway, so having them as digital copies is more efficient!
If you use bookkeeping software, make life easier with tools like Hubdoc, where you can attach receipts directly. If you don’t, find an organised system that works for you.
And don’t stress over the little things—if you lose a receipt for a £3 train ticket, it’s not the end of the world. Just make sure you keep records of your bigger purchases.
Stop believing the myth—ditch the paper, stay organised, and keep it simple!
#SmallBusinessTips #AccountingMyths #DigitalReceipts #2SistersAccounting #BookkeepingMadeEasy #HMRC
