Missing sales receipts need to prepare for Self assessment

[carmen0k]

Hi All,

I have lost most of my receipts for sales and receipts for expenses.

I have a food business and I know the weeks takings worked out to and average of £341 a week and I budgeted £100-£150 for ingredients. It was only a tester but before I knew it a April came about and I was told I have to file a self assessment. We has only been running for 6 months by the way.

I have some sales logged in a receipt book and on a till app I downloaded but when it got busy all hands were on deck and recording anything went out the window

Can I use these estimates when preparing accounts? We have taking a break to get out paperwork in order to log everything so we don't get in a pickle again but I don't know what to do.

Can someone shine any light?

And what would be the double entry for it?

 

[Scalloway]

The first point of reference would be the business bank account. Use the entries there to start your bookkeeping. Then gross up for cash expenditure.

You must disclose on your self assessment form that the figures are your best estimates.

 

[carmen0k]

Hi, I would love to but the bank account was opened in January and we hardly used it. We just kept the funds in a money box and withdrew and added as we went along.

I cannot believe this amount of time have flown by!! The receipts I do have have faded most look like a blank piece of paper.

I will have use estimates on the self assessment otherwise I'd be understating the income.

thanks

 

[Mark_Taylor_]

We just kept the funds in a money box and withdrew and added as we went along.

That may complicate things!

 

[DontAsk]

What's your turnover? If it's low enough (CBA to look up the limit) you can simply file income and expenses on your SA return, no need for audited accounts. You don't need to submit any receipts. Cross your fingers and keep better records for next year.

 

[Scalloway]

The OP will need to note the fact estimates were used on his tax return. This may trigger an HMRC investigation.

 

[UK Contractor Accountant]

This may trigger an HMRC investigation.

at least it will be relatively short one - no records to check !

 

[Deleted member 59730]

Accountants will have the legal answer to this but I was once lectured by the taxman on my paperwork. What they like to see is organisation. To satisfy them I got a few different coloured Petty Cash pads and different types of pens and faked the missing bits. They knew what I'd done but were quite happy.

I don't advise you to do this. Your taxman might behave differently