Business expense and receipts...

How long does everyone keep their business receipts for to prove their various expenses... and also what cost do you have to keep expense receipts for: is it every receipt or just those above a certain threshold perhaps?

I am sure that most of us keep receipts automatically but it would be interesting to know what the actual requirements are for instance if you get audited what you will be required to show in order to prove what your various expenses are and so on.

Re : Business expense and receipts

I think you are supposed to be able to produce receipts for expenses you have claimed through a business for several years.

I have a feeling it is something like 6 - 7 years but don't quote me on it!

Re : Business expense and receipts

The Inland Revenue requires you to keep records for six years.
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