Receipts .... ?

[AdamB]

Just a question that I'm throwing out to everyone ....

We (the missis and I) are set up (well nearly) legit and registered etc - but, over the last year I have done the 'odd' job for people be it mugs or other stuff and was 'sometimes' asked if I could provide a receipt.

Being legit obviously doesn't have any issues, but what 'are' the issues if a receipt is asked for and you're not legit??

[John G]

If you are a registerted company/sole trader you have to issue an invoice for every order you do - this is the receipt. If you don't do this, and you get caught out, the fines are quite heavy.

If you are doing this as a hobby you should still issue a receipt with order - this is just incase you go over your yearly allowance and need to pay tax on the profit/earnings.

Not doing the above and your classed as fiddling the government out of there cut, which is terrible

Cheers John

[purpledragon]

All that john says plus a buisness has to put recipts in to prove to the tax man where his money has gone in theory if i give you a bogus receipt and the tax man decides to check out your suppliers when you submit your taxes he will find that my company BODGE IT AND SCARPER INC doesnt exist so he will come casing me as well as asking you awkward questions
Brett
[url="http://www.bodgeitandscarper.com]www.bodgeitandscarper.com[/url]
[url="http://www.screwitandleggit.com]www.screwitandleggit.com[/url]

[AJLA]

Haaaaaa HHAAAAAA!!! BLONDE OR WHAT. I actually checked out the sites

[purpledragon]

Haaaaaa HHAAAAAA!!! BLONDE OR WHAT. I actually checked out the sites

yeah next time place an order lmao
Brett

[mrs maggot]

some people keep a little receipt book - for just such instances, no company details, just a plain receipt that gives a date, and a basic info ie 5 x mugs @ £4 each

remind them if they want a receipt - they must be putting it through their books, so they must want to pay the going rate, rather than mates rates

[jennywren]

Don't forget to keep your recipts for everything as when you start up, it a two way street as you will be able to claim tax relief, if you taken a bussiness loan out, or even out of your saving you can repay yourself, loads of things. The tax people are there to help. I was one a ramdom pull by the tax people, they go through everything, I mean everthing, I owned £300 at the end of it ( that was a seven year period) they were bas..ds. It was for parking over that period, trust me if they could have got more out of me they would, I sure they have a quota to go for. I was pooing bricks. (And I was legal ) At that time I thought I was dong everthing by the book, but it turned out not. Its hard to tell even with accountant they do NOT get everthing right. it's a minefeild out there. You would not belive what they asked about I would be here all night telling the areas they go in, but the one thing we would all argree if the taxman a bas...d the VATMAN is your worse night mare.