Buying inventory from car boot sale

[D2D1]

What do I need to claim the money back from my limited company when buying items for resale with my own cash? I never get a receipt so should I just keep a record of what I've spent?

 

[Truemanbrown]

What do I need to claim the money back from my limited company when buying items for resale with my own cash? I never get a receipt so should I just keep a record of what I've spent?

I would keep a book and take it to the car boot sale with you. When you make a purchase, take down details of the purchase (i.e. goods, the cost of the goods and the name of the seller) and try and get the seller to sign the book, if possible.

 

[MrSpreadsheet]

Hi D2D1,
You should always get ‘Proof of Purchase’. HMRC will look for all of the information that you would get on a conventional purchase invoice. This unfortunately means, Date, Suppliers name and address, and the amount paid. Not the easiest of things to get at a Car Boot Sale, but essential if you are running a business.
I hope this helps.

 

[talkinpeace]

HMRC are well aware of self receipting, and more relaxed about it where you make a nice taxable profit when you resell the item!!!!