Our Expense Management team set out on a mission along with the CIPP to seek clarity for finance professionals over the online vs. paper receipts debate. Is it true that companies no longer need to keep paper receipts? What is the official HMRC policy on storage and replication of receipts and how is it relevant to you and your organisation?
There is lots of guidance in respect to other taxation areas, but none was specific to the payroll industry and employee expenses. What is the difference between necessary records for reclaiming input tax, PAYE tax and National Insurance contributions (NICs) and how long must they be kept for?
There is a lot of confusion around HMRC’s use of the word “original” and does this mean that an original receipt needs to be available (i.e. one from the shop not a hand made one) or does it simply mean an original paper copy needs to be available to HMRC?
