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The terms "record" and "document" include electronically stored information.
Your business records:
We encourage you to record and store your data electronically (disk, tape or other electronic media) as this lets us carry out the more efficient computer-assisted audits.
In addition to your business records you must also keep the following records for computer-assisted audits:
As electronic media deteriorate with time, you need to follow a regular maintenance programme. You must make sure that the relevant electronic data is retrievable and readable at all times and follow appropriate backup procedures.
When you install or upgrade a computerised accounting system, ask yourself:
However you decide to tackle these issues, you are still responsible for producing data to verify your tax liability.
You can provide us with electronic data on CD Rom, DVD, floppy disk or some tapes.
We can also download from any of these to our own computers. Transfer by cable or by USB memory stick between personal computers is also an option.
You can save data in any of the following formats:
You should document how data is copied onto disk, cartridge or tape. We will also require a record layout, the record length and the block size, if supplied on tape. Send this with the data.
If you have any questions about CTA and how it will affect your business, please email your query to firstname.lastname@example.org