missing receipts

J

Janka

Guest
Hi all,
I am doing my bank reconciliation for 2009 and I am missing lot of receipts and invoices. cca 2K All these expenses are 100% business related. Do you think that I still claim them as tax allowable expenses ?

I am small sole trader (hairdresser) ,not VAT registered.

Thank you very much,
Janka
 
Once you can reason where the money is gone you should be fine.

Will only be a problem if you have a revenue audit and they look for those specific invoices (you would be extremely unlucky).
 
I thought so :( Thank you very much for the confirmation Paddy199.
 
Worse thing you can do is put them in sundry expenses with no description or a description such as ' missing invoice/receipt'. Once the gross margin and profitability is in line with other years (or competitors) no questions should arise.

Personally, I would claim them and give a good description on your accountancy package or excel spreadsheet that no questions should arise.
 
Thank you very much for your help. 2009 was my first year as the sole trader so I don't have lot of experence with bookeeping or taxes. I was wondering would you be able to help me with motor expenses too? I don't have hair salon but instead I visit clients in their homes. Can I claim petrol expenses as revenue expenses at their full value? I read somewhere that I can claim only way there ( to the client) and I cannot claim the way back as it is the way back to my home. Should I keep milage book? Thank you. Janka
 
You are not an employee so you can't claim mileage. Business related petrol expenses are claimable.

I would put through a small amount of petrol which you can stand over. Maybe note client names and dates as backup to claims.
 
In future, yes, it's better to keep a mileage log.
For 2009: you are allowed to claim the expense of returning after visit to the client. You should be able to work out rough mileage figures from your appointment book. Then take that as a fraction of your total car costs over the year, and enter that figure as your travel expense.
 
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