Started with Paperless office
As a first step towards paperless office management, we have scanned all the tax files of our clients. All future correspondence and workings will be in PDF and attached to existing PDF files. We are using File Center software.
However, we are not sure what we should now do with the existing paper files. Should we just discard them, especially the ones which contain mainly the correspondence and other information which we would have in Excel/word or other software? However, there are important original documents in the files- P60s, P45s, dividend vouchers, bank interest certificates, CIS vouchers, Completion Certificates, mortgage agreements, HP and asset purchase documents etc. Originals of these may be required by clients. So I guess these will need to be removed and sent back to the clients. However, due to the high no. clients and files to go through, it is going to be a time consuming and costly task.
As per HMRC guidance, records need to be kept at least for 5 years from the end of filing date. On this basis, can we destroy everything up to 05/06 tax year, including the some of the above mentioned documents? We are shortly moving to our new premises where space is premium. Therefore we need to take a decision on what to do with the old records.
Furthermore, a lot of clients are now ex-clients. Do you think it is still necessary to scan their files?
We would like to hear the experiences and suggestions from other practitioners who have undergone this before.
- Sage Instant Accounts Complete De-install problem 193 6
- Auto Enrolment - Help each other by sharing known problems 725 14
- Self employed and HMRC Worldwide Subsistence Rates 806 1
- HP agreement in Directors name but payments under company 470 10
- Real time 194 2
- Withdrawal of a quote 403 7
- Opt To Tax Refund 257 3
- Paid staff their normal salary instead of SMP 236 2
- Pay rise - how to enter in Moneysoft 224 5
- New (non resident) client not filed in 20 years 604 15
- When to top-up pensions? 188 2
- Support / ticketing software 334 11
- Are Tax Agents designed out of online systems? 333 3
- Imported goods and VAT 149 1
- Annual Return for company for whom director/shareholder has died 441 15
- Divorcing husband, both 50% owners of a Ltd business 595 11
- Stamp Duty 191 3
- Entrepreneur - want to submit accounts by myself 1,867 22
- Company Number 10000000 999 13
- Online accounting provider for multicompany with turnover £10m 372 5
- Interest paid - do new rules affect Tax Credits? 471
- Market Invoice (P2P invoice discounting) tax treatment 290
- DTA tie-breaker issue 281
- CGT for NOn UK residents 245
- Tax Implicatins on a Directors Loan 220
- Apprenticeship Levy 218
- What are the tax implications of overseas sales through a UK based company? 211
- Just checking re PSA 197
- Capital Gains personal representatives 191
- Mandating Rental income or dividend income to a company 177