Proof of payments from parents

[Mum-2-beauties]

Hi,

This may sound like a daft question but do I need to keep anything as proof of fees payment from parents... If so what do I need

Thanks

[Mrs Book]

Parent's that pay me cash I give a receipt to, but the ones that pay me into the bank I have my bank statement to prove they paid. If they want a receipt then I give them on.

[Minstrel]

Well you need to keep records so you can file your tax returns at the end of the year.

I suppose it depends how you get paid. Most of mine are vouchers, bank transfers or cheques so these are all detailed on my bank statements and for the cash payments i issue a receipt and keep the carbon copy. Hope this helps.

[Mum-2-beauties]

Thankyou, I have been paid both through my bank and cash so will keep bank statement and receipt. Thanks

[Chatterbox Childcare]

You need to keep everything paperwork wise in case you audited running back 8 years including your current year as at 31st January.

If the HMRC audit you they will want to see every bit of paperwork related to the household and this includes personal accounts, even if they are not your own. You need to keep bank statements, deposit and cheque books to prove that you are not fiddling money. this came from someone who has been audited and not my personal experience.

My paper trail for business is an invoice each month to the parent, payment from the payment into the bank (as shown above) and if cash I receipt it. Put the total amount into your books, cash and direct payments and cheques amd be able to back it up.