What do i do with my receipts?
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  1. #1
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    Default What do i do with my receipts?

    I am just starting out and I have bought the Pacey accounts book which looks pretty straight forward. Do I just staple my receipts for that week together and keep them labelled in a box or somewhere. Do you keep receipts just I case you are audited. Or the tax man pays a visit?

    Thanks a lot. Probably a silly question!

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    I staple a months wortg together & put in a A4 envelope, when its got the full 12mths (tax year, apr-mar) I seal it & store with the accounts book.

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    I use pacey accounts book, this is what I do :

    Tape a clear plastic A4 sleeve inside the front cover.
    Each time I have a receipt I number it and write in the book, writing number in the column as indicated.
    Put the receipt with number written on it in the sleeve, latest one on top.

    End of year, all the receipts and accounts are all together so nice and easy to store away incase ever needed.

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    Excellent ideas thanks!

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    Great ideas above, and don't forget that accounts books and receipts must be kept for 6 years in case of an inspection by HMRC.

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    My accountant friend told me to keep receipts in category not monthly as that is what we have to work out...I have yet to do a tax return so we will see...I keep my education resources and food, petrol, household receipts separate.

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    Can we use photocopies of receipts? I will be applying for the grant which we have to send off our receipts but I need the receipts for tax return... Im not allowed to use photocopies of receipts for the grant and doubt we can use copies for tax return. I will have to ask if they send them back or maybe if they are used for grant we cant use for tax return too

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    Quote Originally Posted by LittleRabbits View Post
    Can we use photocopies of receipts? I will be applying for the grant which we have to send off our receipts but I need the receipts for tax return... Im not allowed to use photocopies of receipts for the grant and doubt we can use copies for tax return. I will have to ask if they send them back or maybe if they are used for grant we cant use for tax return too
    If the whole amount you paid out is then refunded to you in full as a Grant then you haven't paid for the items the Local Authority (or whoever grant is from) has and therefore you can't claim for these purchases through your expenses.

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    The grant (Childcare business start up grant) can only be used for certain things and in my area doesn't even cover the cost of LA training. So I only need to keep one receipt for it. As far as I know you don't send off the receipts, just keep them incase they are requested.

    Childcare Business Grants Scheme - Eligible Expenditure

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    Thanks, I realised as I was writing it that if claiming back then havnt technically paid for it.

    Its not for the new childcare business grant. I have a grant form from my CYPOP course tutor which states to attach receipts (not copies) and is £400 grant. However it is a bit complicated as im working with another childminder and the grant states it will be slightly less for 2 childminders working together. It says acceptable costs u can include are insurance, medical check cost, first aid box, initial induction/training including first aid, food hygiene, EYFS training, CYPOP training and others in list.

    The first aid receipt is 1 receipt for both me and my friend so will have to send together I think. Not sure how much worth of receipts to send off if wont have them back. I dont know if it would be say £300 each or £200 each or would it be less than £400 to share between us?

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    Any idea which grant it is?

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    No such thing as a "silly question". The one that gets you into trouble is always the one you're afraid to ask cos you think it might sound silly.

    I store my old receipts with each year's accounts. Mind you, if HMRC want to see them, they need to move quickly: a lot of heat-printed ones fade to nothing after a couple of years.

    I expect mine will stay in the loft until I die, then Mrs Bunyip will use them as kindling to light my pyre on the allotment. Very economical is our Mrs B............................

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    It's a start up grant through Telford & Wrekin council. I have emailed my tutor

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    Quote Originally Posted by bunyip View Post
    No such thing as a "silly question". The one that gets you into trouble is always the one you're afraid to ask cos you think it might sound silly.

    I store my old receipts with each year's accounts. Mind you, if HMRC want to see them, they need to move quickly: a lot of heat-printed ones fade to nothing after a couple of years.

    I expect mine will stay in the loft until I die, then Mrs Bunyip will use them as kindling to light my pyre on the allotment. Very economical is our Mrs B............................
    I have found that sometimes I have a pile of blank receipts before I even under them through my accounts - someone once suggested laminating them all!

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    I would suggest stapling all or your receipts weekly and labelling them - i.,e. July 2014, week 1, week 2 etc.

    As far as grants go I was advised to put the money into your books and then put the receipts in as expenses. Of course it balances out but you do get 10% wear and tear on all income so gain there
    Debbie

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    In answer to the OP...just keep your receipts/invoice in a A4 file...enter the expense in your ledger and record the invoice no with the date of the expense then pop them in the file...some use envelopes
    once a year when you do your Tax return and your accounts are done remove them and put them away for 6 years... personally I have a plastic box and they do not fade but anything will do...'out of sight... out of mind'... unless you are asked to produce them for an audit or such like.

    We all have different ways of doing our administrative tasks but accountancy does have a common denominator...what you enter in your books has to be backed by a receipt as evidence of purchase.

    HMRC may want to see your receipts and they can go back a few years...so keep them away neat and tidy.

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    Quote Originally Posted by muffins View Post
    I staple a months wortg together & put in a A4 envelope, when its got the full 12mths (tax year, apr-mar) I seal it & store with the accounts book.
    Great idea Moggy :-)

    When labelling the receipts do you number them back to 1 when you go onto a new month or just carry on with numbering them.

    Also, do I need to start a new accounts book in the new tax year, so April is it? I will be starting my accounts book soon. Not had it long. Shall I put all my start up costs in the book and put them in the correct week / month? Only problem is I started my courses March 2013 and started buying things before this tax year so do I need two books?? Sorry for the confusion...

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    So long as the receipt cross references with the entry in your accounts book easily, should your accounts be inspected, how you number them is up to you.
    I find it easier to start each month with 1, as I invariably find a lost or mis placed receipt sometime the following month, so I can just tag it on the end without throwing the numbers out

    Start up costs:
    Collect all the receipts together for things you've spent out on in preparation of starting up and make a separate list. Keep the receipts and the list together in a separate envelope.
    Total the amounts and then enter that figure as 'start up costs' when you start your accounts book.

    Each year, start a new accounts book.
    All the receipts, and that years accounts book should be kept together.
    Your first years books will only run for part of the financial year, so from when you start now, (sept/Oct) to the end of this financial year (April 2015)

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  22. #19
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    Thank u muchly :-)

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    That's all great advice. I didn't even think of all my start up receipts and doing a seperate sheet, my paperwork would've been so confusing.

 

 

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