Buying your own (old) toys & equipments for CMing purposes

[MrsP2C]

I've realised that as my own DC get older I'm taking over more & more of their stuff for childminding & recently started putting things through my expenses but still not 100% sure I'm doing it right. So for example a highchair no longer used by my children: I looked up on ebay for similar make, model, condition etc & printed off details of a couple I found. I've attached a post-it note & written the 'purchase' date, amount (average of 2 ads) & "purchase of old high chair now solely used for cming purposes". I've started an inventory of stock (basic date, description & amount) so added it to that & on my expenses entered same description & amount then filed away the ads & post-it note with my receipts for the relevant month. It all sounds a bit crude (much like my accounts but hey it works :blush:) but would this be enough to satisfy HMRC if they came knocking?

On the same matter, is there a limit to how much you can 'buy back' from yourself? Probably two thirds of the the toys I use for cming aren't touched by my kids now but I've not thought to put them through as I don't have a dedicated CMing area. Can I still claim for these & is it ok to do some sort of list format much like start-up costs? And finally, if I can't find any comparable items for sale on ebay/gumtree etc, is there an accepted % of new cost I could claim eg lego duplo set selling for £40 in John Lewis, print of ad & claim @ 50%?


Hope someone can help.
Thanks

[Koala]

To my knowledge (which may be incorrect) to claim payment for items a receipt needs to be produced unless they are under £10.00.

I'm not sure that your system of getting comparable costings from stores (as these will be new) is acceptable but from ebay etc... does sound like a fair way to get a current value of used items as they will be second hand too. I suppose if you were to buy them second hand from elsewhere you would be able to claim them as expenses.. If you provide yourself with a receipt (which is just like you are doing with the post it - I think) sounds ok to me. But I really am unsure. Someone will have experience of this I am sure.
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[Chatterbox Childcare]

Everything has to be justified to the HMRC if an audit is conducted. You are proving your case by keeping a copy of the ad you have based your costs on and this would be fine.

I just get a piece of paper every now and again and list what I want to sell to the business and then add it up, sign it and put it in my books.

[wee_elf]

I was just wondering this last night! :)

[Koala]

To my knowledge (which may be incorrect) to claim payment for items a receipt needs to be produced unless they are under £10.00.

I'm not sure that your system of getting comparable costings from stores (as these will be new) is acceptable but from ebay etc... does sound like a fair way to get a current value of used items as they will be second hand too. I suppose if you were to buy them second hand from elsewhere you would be able to claim them as expenses.. If you provide yourself with a receipt (which is just like you are doing with the post it - I think) sounds ok to me. But I really am unsure. Someone will have experience of this I am sure.
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Sorry, meant to say unacceptable!!

[hectors house]

I have bought my children's toys from myself at various times - surely it's no different to if my husband took the stuff to a car boot sale, and I went and bought it. When I do buy at car boot sales I always take a pen and paper so the seller can sign to say they have received my money but is that proof enough for HMRC- I could sit down and write a handwritten paper receipt for anything?

[loocyloo]

i bought a load of stuff at a jumble sale.

when i got home i wrote a list of what I'd bought, and how much I'd spent, and then i dated & signed it.

i was told ( a long time ago ) that that was fine.

[Rubybubbles]

i bought a load of stuff at a jumble sale. when i got home i wrote a list of what I'd bought, and how much I'd spent, and then i dated & signed it. i was told ( a long time ago ) that that was fine.

Same this is I do it x