Do I have to keep all my reciepts ?

[cheryl1]

Hi all

Can you help me ?

I have calculated that I may earn over £15k this year and therefore may have to fill in a long tax return.

I know that if I earn under £15k and therefore fill in a short return I don't need to keep reciepts for purchases under £10 but does this still apply if I have to do the longer tax return ?

I don't want to throw any away only to wish that I had kept them !

I know April is a long way off but i'm such a worrier !!!!

Thanx

Cheryl x

[sarahnev707]

If you think you might need them it won't do any harm to keep them! I hope you have a good filing system though LOL

Sarahx

[cheryl1]

to be honest Sarah up to now I have only ever kept the ones for over £10 and kept a note of all the others, I kind of hoped that I could carry on with this system as it suits me and saves me having piles of reciepts!

Cheryl x

[mashefld]

My hubby is an accountant ( yeah how lucky am i!!!!!!!) he asks me to keep every single reciept no matter how small, and to write on them what it was for etc., but I take him for granted and just throw them in a carrier bag and hand the bag to him when he needs it!!!!!!

He says that you dont HAVE to keep reciepts for completeing your tax return but should the revenue ever query anything then could disallow any expense where a reciept is not kept. It could all depend on who the inspector is.

[cheryl1]

Thanks that makes me feel better, as up to Sept I only kept reciepts over £10 as i didnt think I would earn that much but then one of my parents who have left recommended me to her friend - this was a full timer and really bumped up my income - great but not so good for my tax or working family tax !

Ok I admit it - You can never please some people !

Do you know if you can still claim for heating, lighting etc, mileage, meals etc as you obviously dont have actual reciepts for this ?

Any advice would be greatly recieved x

Cheryl x

[lisat]

Hi Cheryl.

I think you just keep your bills and statements, so that if you are ever inspected, they can see how you've worked out you claim for heating etc...
Plus, it helps to keep them, so you can ensure that you're actually claiming enough back. Hope that makes sense!

That's what I've always done anyway, but saying that, I don't have to do a full tax return!


Lisa xx

[vik3000]

There are special rules for childminders - we do not have to keep a receipt for purchases under £10. (I tend to keep the receipts for things nearer to £10 though)

If you speak to your local Tax Office - many run little "short" appointments where they talk you through EVERYTHING to do with childminding relating to tax and accounts. My office was really helpful and I got a little booklet as well.

The Tax Office are there to help and are ok people really.

[mashefld]

my accountant says yes you do have to keep all of your phone( home and mobile), gas electricity water, council tax, petrol reciepts with milage as you can claim a percentage for milage. All of these and your accountant will need to see them to be able to put in the claim.
Everything really that relates to your business and as we run ours from home that includes the utility bills and bank statements. car tax , insurance and any garage expenses ( if used for chidminding).

I know this as hubby is an accountant and does my childminding accounts etc so he know what i can and cannot claim for.

I have a folder which i keep all of my household bills in including car and house insurance etc.

[linda]

It wont harm to keep all your receipts i dont keep mine under 10 pounds and i have never been asked for them
Lindax

[kelly]

Cheryl

I am like you and will earn over 15K, I have been advised that although you do not need to keep receipts under £10, if you are going over 15K you are safer to try and get receipts for as many purchases under £10 as possible. Hopefully by keeping all the receipts will ensure that we never miss anything on expenses!