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.
- Increasing the personal allowance: A top priority? 1,144 45
- dividend 125 10
- Error on SA Tax Return 92 2
- Purchase of shares in a Limited Company 92 5
- Repairs or Improvement? 244 5
- Credit Card Payment - What are we required to do? 150 3
- Irish Taxation 133 4
- Now the phishers have baited their hooks with SAGE 295 2
- Self assessment tax arrears 509 6
- Drector renting room to company 83 1
- Off site storage 142 5
- Is Accountancy Becoming like an Insurance Policy 589 6
- Anyone know about Cloud-Based Practice Management Software? 242 7
- Industrial & Provident Societies 348 1
- Advertising with Hibu nee Yell (Yellow Pages) 228 3
- Auto-enrolment - Fees 319 4
- Self assesment losses 316 8
- RTI and s18 ITEPA 170 3
- Garden studio - tax and VAT deductible? 178 1
- CT treatment of staff entertainment for overseas staff 118 2
- Xtuple 563
- Qtac payroll for bureau 385
- Confused - Professional Association a Mutual trader, or not? 340
- Domain name sale and limited company 232
- Italian friend wants to set up a UK company to reduce taxes 211
- Director legal fees in loose connection to the company 207
- Investment 204
- Multiple bodies and practicing certificates 179
- Tax on damages received 178
- Temporary non residence and CGT on non-UK asset 145