Receipts are fading!

[hectors house]

Hurrah have just finished my accounts for 2012-2013 - but don't know if anyone else has had this problem but lots of my receipts from Supermarkets that have toys, art supplies on - (so I need to keep them to put through my accounts rather than just keep for 3 months for Food Standards), the ink on receipts is fading fast - I have looked back at last years receipts and some of them are completely illegible - hope the tax man doesn't want to see any of my accounts now or in the future as I fear all I will have to show is lots of pieces of blank paper!

[loocyloo]

at least you will have bits of paper to show! :D

[Mouse]

Have you thought of laminating them :ROFL1:

[hectors house]

Have you thought of laminating them :ROFL1:

omg just realised I haven't seen a receipt for laminating pouches - that one must have completely vanished - the paper and the ink!:panic:

[vals]

mine are like that too. lol I would never bother to laminate them. I sometimes write on them-not over the original bit, and then highlight it - and then just hope they never want to see them.

[kellyskidz!]

Oh dear! How long do we have to keep receipts for?! I thought it was only 3 months and have thrown all of mine away the day before yesterday (now only have receipts from May 2013)
Please tell me I haven't messed up xx

[hectors house]

Oh dear! How long do we have to keep receipts for?! I thought it was only 3 months and have thrown all of mine away the day before yesterday (now only have receipts from May 2013)
Please tell me I haven't messed up xx

Food receipts is only 3 months for Food standards but if you supply meals for the mindees then you would need to keep food receipts to prove what you entered through your accounts for supplying meals. And all other receipts need to be filed with the appropriate years accounts in case the inland revenue wants to inspect your "books". Think inland revenue can look back at 7 years of accounts (but I may have just invented that figure from the top of my head!).

[Simona]

Receipts should be kept for 6 years and any bank statements up to 3 years....I have received this advice from my accountant since being with the for the last 20 years

The IR can ask to see your receipts and accounts in arrears...please keep a tidy record and, my suggestion, is to have a folder you put your receipts in every week and record your expenses regularly each week...it will take minutes.

I know that many will disagree but this is the efficient way to run your business

[maisiemog]

You don't need receipts for food for tax purposes but do for environmental health! Also recipes for items costing less than £10 are not required but they are good practice

[hectors house]

You DO need receipts for tax purposes if you are claiming food bought for childminding purposes. It's a receipt the same as any other isn't it?

[dette]

You DO need receipts for tax purposes if you are claiming food bought for childminding purposes. It's a receipt the same as any other isn't it?

lots f items that add up to more than £10 in any single transaction needs a receipt but if its less than £10 doesn't need receipt as childminders have an exemption for this

[hectors house]

lots f items that add up to more than £10 in any single transaction needs a receipt but if its less than £10 doesn't need receipt as childminders have an exemption for this

That's the trouble with food shopping - lots of items that don't cost much seem to somehow add up to LOTS more than £10!:panic: I actually keep (or try to keep) all my receipts even if it is just for a £1 or less as they all do add up and if I don't have a receipt I would forget to put them through my accounts. I am a charity shop addict and visit all shops in my town (about 8 of them) on a weekly basis!

[Simona]

lots f items that add up to more than £10 in any single transaction needs a receipt but if its less than £10 doesn't need receipt as childminders have an exemption for this

I have never been allowed to not include receipts for less than £10...even 50p is enough for a receipt.

I know of a cm who presented £500 for receipts under £10...the IR was not amused!

Why should cms be different from any other business? IR rules should be the same...some of them were negotiated years ago...cminding has moved on since!
we must not be seen as different but 'equal'...a business is a business
we need to be careful or Truss will be proved right that we need help to run our financial affairs...hence agencies will come to our aid!!

[hectors house]

I have never been allowed to not include receipts for less than £10...even 50p is enough for a receipt.

I know of a cm who presented £500 for receipts under £10...the IR was not amused!

Why should cms be different from any other business? IR rules should be the same...some of them were negotiated years ago...cminding has moved on since!
we must not be seen as different but 'equal'...a business is a business
we need to be careful or Truss will be proved right that we need help to run our financial affairs...hence agencies will come to our aid!!

I guess in a business small purchases would come out of petty cash - this is what I did when I worked in an office, that's why I try to keep all receipts - it is time consuming entering them all through but even 50p for some buttons bought in charity shop gets entered through - with a receipt - which luckily isn't fading like the supermarket ones! (I think it is the type of paper that makes them fade - the supermarket ones are on shiny paper)

[dette]

I have never been allowed to not include receipts for less than £10...even 50p is enough for a receipt.

I know of a cm who presented £500 for receipts under £10...the IR was not amused!

Why should cms be different from any other business? IR rules should be the same...some of them were negotiated years ago...cminding has moved on since!
we must not be seen as different but 'equal'...a business is a business
we need to be careful or Truss will be proved right that we need help to run our financial affairs...hence agencies will come to our aid!!

sometimes its nice just accept the benefits that are allowed (such as the 1/3 of gas and electric ETC and 10% of council tax that we would have to pay anyway.Obviously any of us can put in all receipts if we want under £10 to but while I only have to keep over £10 then that's how i'll be running my business .My handbag is cluttered enough without a receipt for every ice cream or treat when we are out and about,and yes it is true that I probably forget to include some bits and bobs that I don't have a receipt for but that'll teach me to better organised.

anyway childminders aren't equal to anyone ..WE ARE BETTER :laughing:

[Simona]

You are allowed to do receipts for yourself for items where you do not get one...such as ice cream or if you go to a market..or even car boot sale.

Buy a simple 'Invoice duplicate book' which has numbers so that will enable you to trace your expenses...list what you bought
Put a clip in your diary and empty your purse regularly of any receipts...keep them safe and once a week transfer to you account book...takes 10 mins.

Even better have 2 accounts and 2 separate purses...that will be a help

The benefits you mention are Tax Free Allowances allowable as you run your business from home and incur expenses (very good but time they were updated to reflect cost of living)..they are not just nice they are vital or we would be out of pocket
I have 2 businesses both allow me to include expenses such as electricity, car expenses and petrol etc etc
Hope it helps

[rickysmiths]

I wouldn't worry. Everyone who has to keep receipts for accounting purposes will have the same problem. As long as they are entered in your books, I number mine and the number is recorded in my accounts and then the reciepts all go into an envelope. If you always record things then it will be clear to the tax man if they do want to have a look.

[Simona]

May I ask why receipts go in an envelope? I have heard this before but not sure why they end up there rather than in an invoice file?
just curious that's all!

[angeldelight]

May I ask why receipts go in an envelope? I have heard this before but not sure why they end up there rather than in an invoice file?
just curious that's all!

Because that's how some of us organise our work .....keeping it in one place ...wherever they are

Rather a envelope than my different bags or draws where I tend to throw them :laughing: well and the envelope when I remember ha

Invoice file .....ooooh get you Simona ....I'm not that organised and never will be :laughing:

Angel xx

[FussyElmo]

What is an invoice file?

I use envelopes all have the date on all stored neatly in a ziplock bag along with the account book for that year. All probably are fading :laughing::laughing::laughing:

[Simona]

What is an invoice file?

I use envelopes all have the date on all stored neatly in a ziplock bag along with the account book for that year. All probably are fading :laughing::laughing::laughing:

Just a normal A4 size ...you punch the receipts and keep them in there...can't think of the name 'Arch File' or such like
At end of the year all receipts go into 'storage box' for 6 years where they fade as much as they like and the file is reused for the next year...have seen many cms do this
I was just curious about envelopes...that would make me lose all the contents!

[maisiemog]

I shove all mine in an envelope as well! I have one labeled for each month and if I'm vaguely organised then I might number them but I'm rarely that organised! And I hope the tax man doesn't come to me! We have no storage so they are in a big box at my Nans house 70 miles awAy!

[Mikiec]

Hmrc go back 6 years so you should keep all receipts by tax year (6th April to following 5th April). The only other thing I can suggest is to photo copy your receipts?

[rickysmiths]

May I ask why receipts go in an envelope? I have heard this before but not sure why they end up there rather than in an invoice file?
just curious that's all!

I use the Pacey Accounts book and the receipts are numbered and entered, in an ideal world once a week in the normal world once a month! Before this process I have put them in an envelop with the month written on so i don't loose them so when they are entered they go back in the months envelop and are kept with the Accounts book until the end of the year. The 12 envelopes are put in one large on and filed in a box with the Accounts book and copy of Tax return when it is done so they are all together. I did try clipping the receipts into the accounts book but it was too messy and bulky.

[Simona]

I use the Pacey Accounts book and the receipts are numbered and entered, in an ideal world once a week in the normal world once a month! Before this process I have put them in an envelop with the month written on so i don't loose them so when they are entered they go back in the months envelop and are kept with the Accounts book until the end of the year. The 12 envelopes are put in one large on and filed in a box with the Accounts book and copy of Tax return when it is done so they are all together. I did try clipping the receipts into the accounts book but it was too messy and bulky.

Thank you RS...I see why cms keep receipts in an envelope now.

Mikieiec...why would you photocopy receipts? not clear on this?
once the financial year has ended keep them in the envelope or whatever form of filing you have and store for 6 years....photocopying would add an extra burden and often only originals will do

[rickysmiths]

Hmrc go back 6 years so you should keep all receipts by tax year (6th April to following 5th April). The only other thing I can suggest is to photo copy your receipts?

That made me laugh! Sorry but it takes me long enough to do the accounts without photocopying receipts! Tough if they fade if HMRC are that bothered then get the till manufacturers to do something about it.

[Mikiec]

I photocopy 6 to 8 receipts per page to ensure I have a record of them as fading happens all the time. I worked for the revenue a few years back and some of the inspectors will slap you with a bill if you are inspected and you don't have any evidence.
You might think I'm nuts but I ain't paying anymore tax than I have to!!!

[Simona]

I photocopy 6 to 8 receipts per page to ensure I have a record of them as fading happens all the time. I worked for the revenue a few years back and some of the inspectors will slap you with a bill if you are inspected and you don't have any evidence.
You might think I'm nuts but I ain't paying anymore tax than I have to!!!

I would never assume such thing or label you in such way...all I am trying to do is listen to all different methods used
I am neither judging nor saying one cm is better than the other...we have different ways of doing things

At the end of six years receipts will have faded a bit...however..I have never found that to happen so much when I get them out of the storage box and then takes me ages to shred them to safeguard private details!

[Ripeberry]

You'd think the HRMC would have better things to do than pick on small business people who deal with lots of receipts for small amounts. And then they let rich people off paying their due tax, because of all the loopholes! Crazy! :mad: