Receipts!!!!!

[bryon52]

Hi, just a query! If I have traded from one account for my business and personal use, should I have kept all my personal receipts or just my business ones?

 

[StevensOnln1]

You only need proof of business expenses, HMRC are not interested in personal expenditure. It would make things easier if you open a separate business account in future though.

 

[bryon52]

Thank you I have opened a business one for this tax year to make things a lot easier!!!

 

[Micki]

I would save all of them. I take pictures of the less important ones and keep the other business ones.

 

[OldWelshGuy]

When I had an inspection they made me account for every penny in to the business AND personal account, so the receipts from your personal account for non business aren't important, but the money IN to that account is, they will claim everything is taxable otherwise. (even endowment payouts etc)

 

[Randall1022]

Just your business.

 

[MyAccountantOnline]

Just to add to this thread you may find it helpful to read the HMRC guidance on record keeping for sole traders here.

 

[Jane101]

It;s better to have both just to be on the safe side.