How likely is the tax man to ask for my expenses receipts?
I run my own small magazine and have submitted all my expenses for the year on an excel worksheet to my accountant. Now I can't find three of my printing receipts (which amount to over £7,000). I had a major fall out with the printer who did these 3 editions of my magazine last year and don't relish the prospect of asking him for duplicates. Is the taxman likely to want to see these receipts or will the excel worksheet info suffice? Thanks.
United Kingdom - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
They may well want to see them and the excel spreadsheet will not be sufficient. However you presumably have the cheque stubs and your bank accounts and theses should be enough evidence.
Answer 2 :
That depends on whether he thinks you're being honest. If you can't find the receipts, the chances are that you can show the expenditure through your bank statements. So for income tax, he'll take your word for it unless he has reason to suspect you're hiding something. For VAT, you need to produce a VAT receipt.
Answer 3 :
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Answer 4 :
You have to be able to prove the income and expenses. MOST tax professionals require them to verify the amounts before plugging in the numbers. If you can't prove it, you can't really claim it. If you get audited for it, it could get messy if you can't provide proof of those expenses.
Answer 5 :
The likelyhood of being investigated is quite small. Nothing you can do about it, but deal with it if and when it arises. Did you pay these expenses by cheque - can they be traced through your bank?
Answer 6 :
These receipts will not be asked for unless HMRC initates an enquiry into your tax affairs. Although there are no guarantees, the chances of that are quite small, especially if everything appears to be in order. Have you got bank statement entries for individual amounts paid, or other evidence of what you paid?
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