12/27/2023 0 Comments Bank check receipt![]() ![]() Myth 4: Physical receipt storage methods are secure enough. For more info, check out why HMRC encourages businesses to join Making Tax Digital. In fact, digital copies are accepted by retailers and tax authorities, and can also save you valuable time doing admin. This is one of the biggest receipt myths out there. ![]() Myth 3: Only paper copies of your receipts can be used for returns and taxes. This is because they only show the total amount you spend, but not what you actually bought – and that’s the info you need to prove something is a business expense. Your credit card statements give some details, but they're not a replacement for receipts and they definitely won’t stand up in an audit. Myth 2: Credit card statements are enough to support your tax claims. Plus, being organised could save you money in accounting fees, because if you hand your accountant a shoebox of messy receipts, they’ll likely bill you for the time they spend sorting through it. Myth 1: Your accountant deals with this for you, so you don’t need to worry about receipts.Īccountants and bookkeepers do amazing work to support small to medium businesses, but they still need receipts to get the whole picture. If you're starting (or already running) your own business, keep reading as we myth-bust some common misconceptions about receipt management. As we come to the end of the tax year, it’s a good idea to make sure your receipts are organised and up to date for the new season now, so there’s less pressure when it’s tax return time. Not keeping track of your receipts can cost you a lot more than you’d think – and even make you a target for tax audits. ![]()
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