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.
- sole trader employing his girlfriend 1,541 15
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- Corporation tax - group relief on 75% subsidiary 96 2
- Do I need to report this to SOCA 441 7
- Unpaid company directors and self employment 152 2
- Mortgage interest claim on Buy to let hic up 387 2
- Dissolution of a LLP with ongoing HMRC Inquiry 152 2
- Any point writing to HMRC to appeal against self assessment penalties ? 426 13
- Real names 969 32
- VAT charge needed on van sale? 280 7
- Director forgot to take salary for 2013/2014 1,628 10
- Best apps for clients 169 2
- Theatre as charitable company 137 3
- Is a tax return required - rental income? 282 2
- Taxfiler - is it really good? 421 12
- Can the receivers fees be allowed for tax? 338 1
- Fixed Assets 181 2
- CGT on Sale of shop 173 2
- HMRC list of tax avoidance schemes 205 1
- Dividend payment date 2,047 36
- Proposed Amendments to IAS 1 574
- Property exchange - 8-year legal delay following fall-out 443
- Accounting for Insurance Premium Financing 349
- IFA incorporation 329
- Sorry ignore me 288
- Moving into own BTL property - allowable costs 268
- Will Ni be payable on the salary I receive abroad ? 255
- SAGE Payroll Data for Import to MS Dynamics AX 250
- Cancelled 191
- property ownership between husband wife three taxpayers 160