The evidence requirement.
WHY IT MATTERS
Figures you file must be supported by records.
If asked, you must be able to demonstrate them.
WHAT TO KEEP
Invoices issued Invoices and receipts received Bank statements Payroll records, if applicable Records of assets Anything supporting a figure
WHAT IS INSUFFICIENT
A bank statement alone.
It shows an amount, not what it was for.
WHAT TO KEEP FOR HOW LONG
Ask your accountant. Periods vary.
HOW TO ORGANISE
By period, so a particular year can be produced complete.
WHAT TO BACK UP
All of it, in more than one place.
WHAT PEOPLE DISCOVER
That records from an earlier year are incomplete or lost.
WHAT THAT MEANS
Inability to support what was filed.
WHAT TO DO NOW
Establish whether your records for each past period are complete.
If not, address it before it is needed.
