Receipts, what do we keep?

[twinkle3005]

I know we have to keep receipts for all purchases over £10 but how do we prove that we have spent money when we have't got receipts for anything under? I keep receipts for everything I spend on childminding and enter everything down as single items. What does everyone else do and if there was a query from the Tax Office how do prove expenditure?

[sarah707]

Well the theory goes that if you put £9.99 through your books for eg. games, then you don't need a receipt, but if you put £10.50 through, then you do need a receipt.

Sometimes even more expensive things from eg car boot sales, won't be receipted and there's nothing you can do about that.

It's a matter of honesty and being able to show you've got the resources to prove the amount you are claiming as expenses should anyone ever query it.

Hope this explains

[Mollymop]

Good question Twinkle as I have been wondering the same.

Thanks Sarah

[lishylee]

hi i have a recipt box i keep all my recipts in no matter how much and i have an account that sorts it all out end of year lol
if i buy anything from a bootsale then i write my own recipt and sign and date it

leanne