Do I need to keep record of sales invoices with on Flat Rate Scheme for Ltd Company
Hi,
I’m not long become a limited company and am on the flat rate scheme which I now no longer need to keep vat invoices I believe (only need to give a vat invoice to any customer that asks for one), am I right with what I’m saying here and would I need sales invoices for showing detailed customer sales for the corporation tax side of the limited company or is keeping sales invoices not needed taking in mind I am a online retailer, so would just keeping monthly turnover figures be acceptable for both the Flat Rate VAT scheme and also for showing my turnover/earnings for the corporation tax part?
The thing is with some platforms I sell on like Amazon, my own website, etc. they have their own vat systems in place which makes things hard then to keep all invoices having the same style and numbering system, and having to save every invoice of all my sales would take for ever as my sales are low priced sales. So could I just save a monthly copy of the turnover and fees from Amazon, my website, etc and just use them to work out my turnover and fees from these sites and then just use my purchase invoices and receipts that I then keep to work out my costs.
Looking forward to your replies.
Thanks
18 replies
Seller_64jziShTiTjOq
Talk to your accountant, who will be able to advise you exactly what records they and the tax authorities need you to keep
Seller_4s0rcZCufr18x
As stallion99 says you need professional advice especially when it comes to HMRC.
However as a general rule HMRC will expect you to keep good records. If I was in your position I would be keeping hold of all invoices, receipts etc even if they are not needed at the moment you never know when you will need them.
Seller_NoLYurmb006tq
This is not true, you don’t need to keep invoice in regards to a VAT audit but you do for your accounting for tax purposes.
If both business are vat registered its required, other than that confirmation/receipt is fine but selling online I think just about every platform covers you on this with the auto confirmation emails.
I think this is where you need to get some 121 advice on as numbering recording etc. Makes no difference.
For vat yes but you still need to be able to confirm turnover with evidence when required, as for taxes with some of the questions no offence your never going to manage without an accountant as amazon’s payment invoices are so complex. I have a financial background and I don’t use an accountant but do use software before I was using the software I didn’t even realise I was getting it wrong myself it really is a royal pain in the behind to get completely right (if your just selling the odd item by mfn you will likely manage if you do a bit more learning)
Seller_4K2qdiWADHllq
Ok next question, I will keep invoices but can I import them into a MTD accounting booking system in batches for the sales I receive as a lot of sales are just £3 to £4 and having to do each invoice manually would take forever with having 2000+ sales each month for example. So say could I grab a save all of say a weeks invoices I send to customers in the one pdf file and then total all the figures up and create on invoice in the booking system for them invoices and then link that pdf file to that invoice?
As to how long I keep records that don’t matter, I know you have to keep them for 6+ years