Tax stuff - help!

[Bushpig]

This is my first year childminding - I have some questions.

(1) Have you all started doing your tax?
(2) Do you go through each and every receipt and add it up?
(3) For those who use an accountant (I will I think), do you just hand him the huge pile of receipts? I have a mountain of them and it'll be so much easier.
(4) If I do not have a receipt for something can i still put a claim in for it if it's over £10? eg. My phone fax system I bought a few months ago, purely for the business. It cost £69.99. Do I put it through as that or a lesser amount? I also bought a small digital camera for observations... (no way I was lugging my Canon 400D EOS around to the park!lol), but cannot find the slip :( Do I put that through? Do I write a receipt to myself or just write it in a list of expenses I have lost receipts for?

Thanks!

[mrsb]

This is my first year childminding - I have some questions.

(1) Have you all started doing your tax? I try and do my accounts once a week
(2) Do you go through each and every receipt and add it up? I highlight whatever is bought for childminding on the receipts :)
(3) For those who use an accountant (I will I think), do you just hand him the huge pile of receipts? I have a mountain of them and it'll be so much easier. My sister does accounts but I do my own, she said she prefers them to be in date order but yes people do just hand her a bag full of receipts lol
(4) If I do not have a receipt for something can i still put a claim in for it if it's over £10? eg. My phone fax system I bought a few months ago, purely for the business. It cost £69.99. Do I put it through as that or a lesser amount? I also bought a small digital camera for observations... (no way I was lugging my Canon 400D EOS around to the park!lol), but cannot find the slip :( Do I put that through? Do I write a receipt to myself or just write it in a list of expenses I have lost receipts for? I would definately put the whole amount through and I guess if it was me I would write the receipt myself - not totally sure though....

Thanks!

have answered above in red :D

[sarah707]

This is my first year childminding - I have some questions.

(1) Have you all started doing your tax?

Yes I do mine every week - income list and expenses list and balance it at the end of each month. I can't bear to get behind.

(2) Do you go through each and every receipt and add it up?

I make a list, discard those for under £10 and put a total at the bottom.

(3) For those who use an accountant (I will I think), do you just hand him the huge pile of receipts? I have a mountain of them and it'll be so much easier.

Never used one.

(4) If I do not have a receipt for something can i still put a claim in for it if it's over £10? eg. My phone fax system I bought a few months ago, purely for the business. It cost £69.99. Do I put it through as that or a lesser amount? I also bought a small digital camera for observations... (no way I was lugging my Canon 400D EOS around to the park!lol), but cannot find the slip :( Do I put that through? Do I write a receipt to myself or just write it in a list of expenses I have lost receipts for?

Legally, no you can't put through expenses for over £10 without a receipt. Can you not show it as an outgoing on your Visa card bill or bank statement?? At the end of the day, you have to balance the risk of getting asked to prove every expenditure with the knowledge that you can prove you've spent the money.

Thanks!

Hope this helps! :D

[Bushpig]

Hope this helps! :D

Thanks!!! That is a big help. I do not have the diligence to do it once a week, what with sorting pics, doing observations, studying etc. and trying to have a life! (lol) which I do on the wkends. I try to be diligent monthly or so, but most times arent! :o

I am going to get my a into g... in my previous business I had a bookkeeper and an accountant and just gave her a box of receipts! lol Lazy, I know :o

Have spoken to my accountant, he said just put it through and he'll decide what he'll put through... rather put too much than too little. I am sure it's quite obvious a fax isnt needed in a household usually, and the camera wasn't that expensive. But that is a great idea re the bank statement! Thanks so much.

[Bushpig]

have answered above in red :D

Very big help, thank you!! :)