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Where Taxpayers and Advisers Meet

How to keep records

ohdearme
Posts:14
Joined:Mon May 15, 2017 12:36 pm
How to keep records

Postby ohdearme » Thu Jun 24, 2021 11:26 am

Dear me I am retired and still haven't got it.

I have been keeping records on Excel. I am not sure about this but I have been trying to keep separate records for Me,my wife and joint, ( eg buildng soc accounts.

Am I doing this properly? What would you suggest. Please do it as if I am a beginner.

Keep well

Alan

Jholm
Posts:222
Joined:Mon Mar 11, 2019 4:22 pm

Re: How to keep records

Postby Jholm » Thu Jun 24, 2021 1:32 pm

What purpose do you require the records for?

I cannot imagine you are required to fall in line with Making Tax Digital record-keeping requirements but it would depend on the sources of income.

Excel is good for keeping a log of income and expenditure, with a separate tab at the bottom for each tax year. You can then easily refer to the previous year when detailing the next year's information.

The amount of information I receive from clients just jotted on a scrap of paper suggest your record-keeping is already better than some!

ohdearme
Posts:14
Joined:Mon May 15, 2017 12:36 pm

Re: How to keep records

Postby ohdearme » Mon Jun 28, 2021 12:47 pm

Thank you so much for replying.

Your question regarding purpose. I am retired and have a house which I rent, some shares and state pension. That's it really.

I am sure that my tax situation is easy yet I have never been satisfied that I do it properly, and though excel might help.
It doesn't really as I don't really know how to make clear entries.
A separate tab is good. I'll do that, thank you. But how do you think I should make entries and does the me, spouse and joint really need doing on Excel or just wait and do it on the tax return.

Keep well

Jholm
Posts:222
Joined:Mon Mar 11, 2019 4:22 pm

Re: How to keep records

Postby Jholm » Thu Jul 01, 2021 11:09 am

If you are a landlord, you need to be aware of these changes in the future, if gross rents exceed £10k for the year....

https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

ohdearme
Posts:14
Joined:Mon May 15, 2017 12:36 pm

Re: How to keep records

Postby ohdearme » Thu Jul 01, 2021 9:04 pm

Thanks, I know about lettings, in fact I have just paid £40.00 to the ICO. No wonder they have a message when you ring, saying that they will put thephone down if being abused.

It was just about how to keep records.

Best regards

Alan

ShawnaDurgan
Posts:4
Joined:Tue Jun 29, 2021 2:11 am

Re: How to keep records

Postby ShawnaDurgan » Sun Jul 04, 2021 11:27 am

For me, I love to keep my all records in an excel file, google drive and dropbox as well.

ohdearme
Posts:14
Joined:Mon May 15, 2017 12:36 pm

Re: How to keep records

Postby ohdearme » Thu Jul 08, 2021 10:34 am

Good idea, belt and braces. Thanks to both of you, keep well. Bye


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