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Where Taxpayers and Advisers Meet

small business expenses but no receipts

GJH
Posts: 1
Joined: Wed Aug 06, 2008 3:54 pm

Postby GJH » Wed Jun 06, 2007 10:35 am

I have recently set up a small business buying second hand good and selling via the internet. I am keen to declare my income and offset expenses against tax, however everything I buy is from car boot sales/ jumble sales and receipts are not available. Any advice on how to deal with this would be much appreciated.

Simon Sweetman
Posts: 1690
Joined: Wed Aug 06, 2008 3:11 pm

Postby Simon Sweetman » Wed Jun 06, 2007 11:08 pm

What that means is that you need to be meticulous with your record keeping. The most important thing is to make sure that you write everything down. If you are selling single items over the internet then it should not be too difficult to trace each one individually so that it is obvious that you must have bought it somewhere.

simon.sweetman@btinternet.com

Herbs16
Posts: 74
Joined: Wed Aug 06, 2008 3:53 pm

Postby Herbs16 » Thu Jun 07, 2007 7:41 am

Hi
You need to prepare a basic set of accounts and a tax return, have you completed a cwf 1?
Any problems let me know.

Colette
onlineaccountancy@yahoo.co.uk


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