Hi, I'm just starting up. Have been offered a brand new outdoor playhouse from a friend for £60. How do I stand expenses wise? Can I put it as an expense when I won't have a receipt for it?
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Hi, I'm just starting up. Have been offered a brand new outdoor playhouse from a friend for £60. How do I stand expenses wise? Can I put it as an expense when I won't have a receipt for it?
Ask your friend to write you a receipt.
I agree with Zoomie - if you would like to put it as an expense you will need a receipt as it is over £10 in value!
PS - am quite jealous, I am looking for a playhouse at the mo and £60 is a bargain!
Yes, get her to write you a receipt. Note that you do not have to have a receipt to claim an expense over £10, but if you are inspected you will have to come up with some evidence, or at least a convincing argument for the amount you paid. If you routinely record expenses (over £10) with no receipts where you could reasonably have obtained a receipt you could be fined for keeping inadequate records.
Thanks for your replies, I will ask her to write me a receipt. I agree Posy, its a bargain. Ive seen so many more expensive and then my friend said there was one at her mothers still in the box that they had never put up. Yay!! x