am i doing it wrong?

[emarshall82]

I have a joint acc with hubby. All our bills from joint acc. I have seperate business acc my parents pay into. I pay tax, course fees etc from business account. BUT when i buy things, petrol, food, childminding resources its from joint acc as i dont have a pin for my business acc bank card.

Is this wrong?

[MrAnchovy]

It doesn't matter in the slightest as long as you can keep track of it all.

[emarshall82]

Do i have to keep all receipts for petrol etc if paid from joint acc not business account? Also i will be transfering £500 per month to joint acc for my morgage payment x

[MrAnchovy]

In general you must keep receipts for everything you are claiming as a business expense, however you don't need to keep receipts for petrol if you are claiming the fixed allowance of 45p per mile (which I recommend everyone does in their first year of trading, you can resubmit this the next year and claim a refund if the actual cost basis works out better), and childminders don't have to have receipts for expenses less than £10 (but if you do have a receipt it doesn't make sense to throw it away), or for food claimed using the "costed menu" basis.

[migimoo]

When we were training we were told to have a completely separate account for fees to go into and childminding expenses to come out of but all of us agreed this was just plain stupid as our fees pay our household bills....none of us had the luxury of just leaving our earnings sitting in an account.

I keep an invoice book with each parents fees for each month and an envelope for each month with all receipts/expenses noted in...this is then all just handed over as I pay someone to do my accounts.

[emarshall82]

Thankyou x i shall keep all receipts then. Im claiming 45p per mile but if i get a receipt i shall keep it x

[lynncjt]

The Inland Revenue don't care where you keep you money as long as you account for all the money you receive and spend on your business.