AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
HMRC's VAT guidance says a scanned image that contains all the detail required for VAT means you do not need to keep the paper original, except for documents that must be kept in original form, such as the C79 import VAT certificate. A UK company must keep its accounting records for 6 years from the end of the last financial year they relate to, so scan Nigerian receipts promptly, record the naira amount and the conversion you used, and link each one to its payment.
Spending money in Nigeria for a UK business produces paper that does not look like a UK expense trail: handwritten receipts from market suppliers, thermal till slips that fade in months, receipts on letterheads with no VAT details, and cash notes signed by a driver. All of it can support your accounts, provided you capture it properly and keep it for long enough.
What the UK rules say
GOV.UK's page on company and accounting records (updated 23 October 2026) lists receipts, invoices, petty cash books and bank statements among the supporting records for the annual accounts and Company Tax Return. They must be kept for 6 years from the end of the last company financial year they relate to, and longer where a transaction spans more than one accounting period, an asset is expected to last over 6 years, the return was filed late, or HMRC has opened a compliance check. HMRC can fine a company £3,000 for not keeping accounting records. If you keep records somewhere other than the registered office, tell Companies House.
HMRC's VAT Notice 700/21 (updated 18 March 2024) says VAT records generally must be kept for at least 6 years, and that if a scanned image contains all the detail required for VAT you do not need to keep the original unless another purpose requires it. Some records must be kept as originals; the notice names the C79 import VAT certificate.
Nigerian VAT is not UK VAT
Many Nigerian receipts show VAT at 7.5%. That is Nigerian tax and does not go on your UK VAT return as input tax. Record the gross naira amount as the cost. Whether any of it can be recovered in Nigeria is a separate question; see recovering Nigerian VAT as a UK company. VAT Notice 700/21 also says that on a VAT invoice the total VAT chargeable must be expressed in sterling, which matters for UK VAT invoices you issue, not for Nigerian receipts you receive.
A scanning routine that works
- Scan or photograph on the day, before thermal paper fades. Capture the whole receipt, including edges where totals and dates sit.
- Check the image is legible at full size: supplier name, date, items, amount and any registration number.
- Name the file consistently, for example 2026-10-14_supplier_NGN185000.jpg, so it can be found without opening it.
- Add a one-line note of business purpose and who paid, either in the file metadata or your accounting software.
- Attach the image to the matching bank, card or cash line in your books.
- Record the sterling value and the rate or rate source you used, so the conversion can be repeated.
- Back up to a second location; a phone gallery alone is not a record system.
Receipts that need more than a scan
- Handwritten receipts: add a short note naming the supplier, their phone number and what was bought; ask regular suppliers for a printed or stamped invoice instead.
- No receipt at all (okada fares, market porters, tips): write a contemporaneous note with date, amount, purpose and who was paid, and keep it with the bank or cash record.
- Receipts not in English: keep a brief translation alongside.
- Payments to a company: a receipt bearing the company name and RC number is stronger; CAMA section 729 requires companies to show their name and RC number on letterheads and business documents (Templars, May 2025).
Worked example
Example only. A director buys a generator service in Ibadan for ₦185,000, paid by transfer, and gets a handwritten receipt.
- Image
- Full receipt photographed on the day, file named with date, supplier and amount
- Note
- Generator service, Ibadan office, paid by director from company naira account
- Conversion
- ₦185,000 at an illustrative ₦2,000 to £1 = £92.50; rate source noted
- Link
- Attached to the bank line showing the ₦185,000 transfer with the supplier's account name
Cash spending in Nigeria
Cash is where the trail most often breaks. If a director or a Lagos staff member draws naira cash for business costs, record the withdrawal as a float, not an expense, and clear it against receipts and notes as the money is spent. Any balance not supported by a receipt or note should be treated as owed back by the person who drew it, or as their pay, rather than written off as an expense. A simple monthly float sheet listing opening cash, each spend with its receipt reference, and closing cash makes this easy to evidence, and it is the first thing an accountant will ask for when Nigerian costs look large against the business's size.
The receipt, the bank line and the note together tell the story an inspector needs. Keep all three for at least 6 years from the end of the financial year.
For the wider record-keeping picture, see HMRC's 6-year rule for foreign transactions and building a receipts audit trail for UK and Nigeria payments.
Where Pryme fits
Paper receipts are hardest when there is no payment record behind them. Paying Nigerian suppliers from a Pryme Business Account gives each payment a record, and any customer can generate a regular or a verifiable receipt through VerifyDoc.ai (receipts and statements), which anyone can check is unaltered.
Questions people ask
Does HMRC accept photos of receipts?
HMRC's VAT Notice 700/21 says a scanned image containing all the detail required for VAT means you need not keep the original, unless another purpose requires it. Some documents, such as the C79 import VAT certificate, must be kept as originals.
How long should I keep Nigerian receipts for my UK company?
At least 6 years from the end of the last company financial year they relate to, and longer in the cases GOV.UK lists, such as a late return or an open compliance check.
Can I claim the Nigerian VAT on a receipt on my UK VAT return?
No. Nigerian VAT is a Nigerian tax and is not UK input tax. Treat the gross amount as the cost.
What if a Nigerian supplier gives no receipt?
Write a dated note of the amount, purpose and payee at the time, keep it with the payment record, and ask regular suppliers for proper invoices.
Sources
- GOV.UK: Running a limited company, company and accounting records (updated 23 Oct 2026) · accessed Oct 2026
- HMRC VAT Notice 700/21: Record keeping for VAT (updated 18 Mar 2024) · accessed Oct 2026
- Templars: CAC deadline on carrying on business under unregistered names (14 May 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.