keeping receipts

**NikNak** · 09-04-2008, 09:56 AM

Hello everyone.

I have just joined this forum and just wish I had found it earlier as I have learnt so much already! Thank you.

I was hoping someone might know if the receipts you have to keep for any expenses have to have the exact date on for that week? Because sometimes I might buy something on a weekend or might have a big spend one week and not the next. So therfore sometimes deduct an expense for an item bought say today from next weeks income.

I am trying to get my net income as low as possible by spending!!!! so that I have to pay as little tax as possible!

I hope this makes sense to someone as Im starting to worry about it and Im going to attempt to fill in my tax return soon! I use the N.C.M.A accounts books.

Thank you.

NikNak.x

**sarah707** · 09-04-2008, 10:26 AM

REceipts are not an exact science... and don't forget you don't have to keep them if they are under £10.

I often put ...

craft items £8.99 or
EYE magazine £4.20 or
car boot purchase £9.50

...through my books.

Hope this helps

**miffy** · 09-04-2008, 12:24 PM

Sarah's right but I do keep receipts even for small items until I've done my books because lots of little things soon add up and you can easily forget all you've spent

Also if you buy several things together that total more than £10 you are supposed to keep the receipts

miffy xx

**ma7ie** · 09-04-2008, 12:36 PM

I do the same as Miffy. I have an envelope that I keep that month's receipts in on top of the fridge.

I don't think you really have to worry about the date, it just makes life easier to keep on top of things.

**NikNak** · 09-04-2008, 01:09 PM

Thanks for the quick replies girls. Sarah you are so good at all this stuff!!!!!!!!!!!

Also can you clarify the % for any house hold expenses excluding water and council tax, heating and lighting please.

I have looked at the link re % that Pauline posted which is in the n.c.m.a handbook too. It gives you the correct % for the ones I mentioned above but was wandering what % do you take off for the others on your list of expenses such as house insurance, broadband, sky etc etc? Is each one different or do you just use a general % for them all?

Also can you give me a guide to a fair amount to spend on work jeans please!? My usual top shop jeans cost around £40 a pair!!!!!!!!!!!!!!!

So am I right in thinking that even purchases over £10 bought last week can be put down as a deduction for next week to even things out?Im thinking items such as work clothes, camera, pricey toys etc? What about something I purchased last month but forgot to include in that months expenditure. Can I deduct it from the next months income?

I think I'm starting to waffle, I'mconfusing myself now!

Thanks in advance.x

**sarah707** · 09-04-2008, 01:15 PM

Originally Posted by NikNak

Also can you clarify the % for any house hold expenses excluding water and council tax, heating and lighting please.

I have looked at the link re % that Pauline posted which is in the n.c.m.a handbook too. It gives you the correct % for the ones I mentioned above but was wandering what % do you take off for the others on your list of expenses such as house insurance, broadband, sky etc etc? Is each one different or do you just use a general % for them all?

I use the same % for them all otherwise I would get very confused

Also can you give me a guide to a fair amount to spend on work jeans please!? My usual top shop jeans cost around £40 a pair!!!!!!!!!!!!!!!

How much do you use them for work and how often do you intend to put them through? I would imagine a pair a year would be fine but 3 would be pushing it a bit iyswim

So am I right in thinking that even purchases over £10 bought last week can be put down as a deduction for next week to even things out?Im thinking items such as work clothes, camera, pricey toys etc? What about something I purchased last month but forgot to include in that months expenditure. Can I deduct it from the next months income?

I do. If I've bought it and can produce it to a tax inspector, then I put it through my books. After all, it's the whole year you're submitting to the tax office, not last week!

I think I'm starting to waffle, I'mconfusing myself now!

Thanks in advance.x

Does that help?

**breezy** · 09-04-2008, 01:29 PM

Hi,
With regards work clothes you are allowed up to £60 per tax year according to the tax office!
You must have receipts and they must be for appropriate clothes!

Hope that helps,all the best,
Breezy

**NikNak** · 09-04-2008, 01:32 PM

Thanks for the quick replies girls. Sarah you are so good at all this stuff!!!!!!!!!!!

Also can you clarify the % for any house hold expenses excluding water and council tax, heating and lighting please.

I have looked at the link re % that Pauline posted which is in the n.c.m.a handbook too. It gives you the correct % for the ones I mentioned above but was wandering what % do you take off for the others on your list of expenses such as house insurance, broadband, sky etc etc? Is each one different or do you just use a general % for them all?

Also can you give me a guide to a fair amount to spend on work jeans please!? My usual top shop jeans cost around £40 a pair!!!!!!!!!!!!!!!

So am I right in thinking that even purchases over £10 bought last week can be put down as a deduction for next week to even things out?Im thinking items such as work clothes, camera, pricey toys etc? What about something I purchased last month but forgot to include in that months expenditure. Can I deduct it from the next months income?

I think I'm starting to waffle, I'mconfusing myself now!

Thanks in advance.x

**NikNak** · 09-04-2008, 01:54 PM

Thanks everyone. Feel alot better now.

Just thinking aloud now......I suppose the n.c.m.a bookkeeping is for my records not the tax inspector is that right? I think it will be clearer to me when I have completed my tax return form online. Any ideas how long it takes to fill in?

Also was thinking about buying one of those inflatable paddling pool/slide things for the garden, it will cost around £150. Do you think this will be ok to put down as an expense?

Also Sarah do you mind telling me what % you use for household expenses etc?

Sorry just thought of another question.......I am thinking of changing my fees to a standard £3.50 per hour for all contracted hours. This will make a full time place cost £175 per week. Food is extra on top i.e £1.50 for a hot evening meal per day. I used to charge a sessional rate of £30 a day from 8-6 or £15 for half a day. Do you think this is too much? I darn't inform parents of my new rates, maybe that is telling me something! What do you think? It would be an increase of £15 per week for a full time place.

Thanks again for any help and advice.

Finding this site has stopped me doing my chores today!!!!!!.x

**manjay** · 09-04-2008, 05:22 PM

Originally Posted by breezy

Hi,
With regards work clothes you are allowed up to £60 per tax year according to the tax office!
You must have receipts and they must be for appropriate clothes!

Hope that helps,all the best,
Breezy

£60 a year for clothes that you wear for 8-10 hours everyday! Outrageous! I would look like a scarecrow at the end of the year! Or maybe at the beginning of the year as i would only be able to afford stuff from a jumble sale.

amanda xx

**sarah707** · 09-04-2008, 05:55 PM

Originally Posted by NikNak

Thanks everyone. Feel alot better now.

Just thinking aloud now......I suppose the n.c.m.a bookkeeping is for my records not the tax inspector is that right? Yes I think it will be clearer to me when I have completed my tax return form online. Any ideas how long it takes to fill in? Not long it's only a few boxes... or so I'm told! I do the paper version... it came today

Also was thinking about buying one of those inflatable paddling pool/slide things for the garden, it will cost around £150. Do you think this will be ok to put down as an expense? Absolutely!

Also Sarah do you mind telling me what % you use for household expenses etc? 10% as i work full time... you've got the tax link haven't you? I just follow that

Sorry just thought of another question.......I am thinking of changing my fees to a standard £3.50 per hour for all contracted hours. This will make a full time place cost £175 per week. Food is extra on top i.e £1.50 for a hot evening meal per day. I used to charge a sessional rate of £30 a day from 8-6 or £15 for half a day. Do you think this is too much? I darn't inform parents of my new rates, maybe that is telling me something! What do you think? It would be an increase of £15 per week for a full time place. I'm hopeless with fees questions and rarely answer those!

Thanks again for any help and advice.

Finding this site has stopped me doing my chores today!!!!!!.x

Chores... what are chores?

**crazybones** · 09-04-2008, 06:01 PM

Originally Posted by sarahnev707

Chores... what are chores?

Mines another glass of red thanks? Whats yours?

**sarah707** · 09-04-2008, 06:24 PM

Originally Posted by annie337

Mines another glass of red thanks? Whats yours?

**RedDragon** · 10-04-2008, 12:11 PM

I always click on the expenses threads as I am always wondering what expenses other put down etc.

I can easily take off 2/3 rds of my gross income (and more to be honest) just by buying everyday stuff (toys, trips, food, percentage of household bills) etc - but everytime I speak to my fellow Childminders every one except 1 barely takes anything off!! That makes me feel a bit as if I'm doing something wrong and I always worry about the tax man walking down my path or the WFTC people checking me - BUT I don't feel that I am doing anything wrong - I keep a record every week and 90% of my receipts (usually forget to ask for receipts if I hire a DVD from the library or visit the local cafe or fruit and veg shop).

Because I'm in the minority among my group I come on here always asking about expenses just to be reassured

**sarah707** · 10-04-2008, 01:16 PM

You are doing the right thing Claire... they obviously don't have the back up of this wonderful forum to set them right!

Be smug!

**RedDragon** · 10-04-2008, 02:44 PM

This forum really does make a difference - saves me money, time and let's me have a rant when I need one!

**susi513** · 14-04-2008, 10:18 AM

The receipt should really be listed in your accounts on the date shown on the receipt. But if you earn less than £15,000 you don't have to keep the receipt so if its not the right date I don't see it matters. Although if your accounts are ever checked they will look through your bank accounts and everything so it might not look good if all the transactions are different in your bank and your accounts iyswim. So take care to be as accurate as possible if you paid by credit or debit card and not cash.

Is it not possible to go back and add something to an earlier week/month in the NCMA book? Or will that make it hard to read & all messy? You do not have to use the NCMA books. If you make a real hash of one month you could redo it on your own paper or notebook. Or use a notebook to keep track of your purchases and copy them out into the NCMA book regularly.

I do all mine in excel so if I find a receipt I missed its easy to open up the right month and put it in the correct place and it automatically corrects all the totals for me.