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Post Info TOPIC: Changing from a sole trader to a Ltd company
KBS


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Changing from a sole trader to a Ltd company
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I have a client who at present is working as a VAT registered sole trader. as of 1st April she will be trading as a Ltd company. Currently using Kashflow which is a cloud based accounting package. I was wondering how much of the old information, with regards to paid sales invoices she will need to keep. There are a huge amount of them. should they be downloaded and archived as PDF's or is there another way of doing this?

 

Thanks in advance.



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abacus12345


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Hey,

If your question is how long do you need to keep VAT receipts the answer is - you need to keep them all for 6 years.

Can you download them, and save as pdf? You sure can, I'd make a few backups though. I'd go for a read only format myself - that's just personal preference.






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Johnny  - Owner of an overly-active keyboard. 

A man who can read, yet doesn't, is in no way wiser than a man who can't.

 
Cheshire


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Hi Katie
I did wonder if there was more to this question than just about the record keeping - perhaps Johnny felt the same?

Have a read of this for the record keeping www.gov.uk/government/uploads/system/uploads/attachment_data/file/366523/record-keeping.pdf

If there is anything else, let us know.



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
abacus12345


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Yes I did wonder if there was more lol.

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Johnny  - Owner of an overly-active keyboard. 

A man who can read, yet doesn't, is in no way wiser than a man who can't.

 
KBS


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Hi,

Thank you both for your replies. I was asked the question regarding their sales invoices and whether they needed to keep copies of all the invoices from whilst they have been a sole trader. There are around 3000 invoices which will be a huge task to download and archive them all. Just wondered if there was an alternative way of doing this - maybe something a bit quicker than what they are doing now!

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abacus12345


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http://gearmage.com/index.html

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Johnny  - Owner of an overly-active keyboard. 

A man who can read, yet doesn't, is in no way wiser than a man who can't.

 
Cheshire


Master Book-keeper

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Hi Katie
So its a how to extract data from kashflow. Are they dumping cashflow btw? Oh the joys of keeping everything on cloudy based accounting software. Certainly a good question to sort now for the Limited company as well - they will need access to the invoices raised for a period of 6 (+) years in line with HMRC regs so there are two ways - keep paying for Kashflow or extract the data. Certainly emailing/exporting invoices one at a time is easy according to Kashflow's website but I am unsure if you can do it in bulk - certainly worth a call to their support team. NB You need to be able to view actual invoices not just an excel data dump.

There might be some Kashflow users on here who can help, but I must admit I dont hear this one mentioned all that much.

Let us know!

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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