receipts vs credit card/bank statements

[northernladuk]

Yes because the OP has absolutely no clue what they need when and why plus has been given generic advise by their accountant.

Generic what?!?!?!?!?!

I get that but we have some clues here so thought TCP might apply some theory to the OPs position.

[piotrkula]

IF you buying lunch from petty cash you need receipts. If your bank statement shows £5.60 from Subway, its not like you are buying groceries for your home via company expenses. My accountant told me that is fine. If its like subway, KFC, Greggs, etc and under a 10 its not an issue from statement,

IF you go to Tesco and buy a sandwich for £5/£10 you need to proove that you are not buying light bulbs everyday to resell on ebay.

Just common sense mate.

[MrMarkyMark]

IF you buying lunch from petty cash you need receipts. If your bank statement shows £5.60 from Subway, its not like you are buying groceries for your home via company expenses. My accountant told me that is fine. If its like subway, KFC, Greggs, etc and under a 10 its not an issue from statement,

IF you go to Tesco and buy a sandwich for £5/£10 you need to proove that you are not buying light bulbs everyday to resell on ebay.

Just common sense mate.

Claiming lunches can be an issue, unless you are working away from home, mate.

[SandyD]

If you are not on flat rate VAT then you need a VAT invoice otherwise you need proof of purchase. The exception are goods over £2k.

I have a lot of online transactions so my proofs are often emails detailing the exact item plus a card statement to prove I brought them.

Oyster cards/contact less card transactions are another occasion where you won't have a receipt. So you either show your TFL statement or again use a credit/debit card statement.

In regards to small amounts e.g. food a lot of small retailers will not give an itemised receipt. So while you will have a receipt with a VAT number on it it won't be especially useful to determine the item purchased.

They will only scrutinise small amounts if you do crooked things with larger amounts or keep buying goods which you can't prove are for your business.

BTW I was told all this on the useful VAT course I went on run by HMRC.

Old post but thanks, I was looking into this, as my old accountants years ago said that bank statements for sustenance are OK, but of course the other items I usually buy online and can go to my account online or emails for receipts like e.g. for flights, or hotels.

So really I hardly ever keep paper receipts for lunches !!
Re if one buys lunch from a supermarket, the accountant said if the supermarket has a restaurant, cafe, then one can argue with HMRC if needed, e.g. waitrose in Canary Wharf has many food stalls, fish and wine bar like to buy proper sit down lunches... same with some of M&S branches where they serve hot eat in food.

[northernladuk]

Your choice but once HMRC are in to your affairs and you can't produce a receipt you better pull your pants down and lube up. I'd rather spend a few seconds getting a receipt, sticking it a bag and producing a huge bag of them when they ask.

[SueEllen]

Your choice but once HMRC are in to your affairs and you can't produce a receipt you better pull your pants down and lube up. I'd rather spend a few seconds getting a receipt, sticking it a bag and producing a huge bag of them when they ask.

Problem with receipts is some are now printed in ink that fades so I have faded receipts in my pile.

[SuperLooper]

Problem with receipts is some are now printed in ink that fades so I have faded receipts in my pile.

Scan them, file them in Evernote, and then shred or burn them.

[northernladuk]

Problem with receipts is some are now printed in ink that fades so I have faded receipts in my pile.

Even better. Not your problem.

[SandyD]

Your choice but once HMRC are in to your affairs and you can't produce a receipt you better pull your pants down and lube up. I'd rather spend a few seconds getting a receipt, sticking it a bag and producing a huge bag of them when they ask.

hmmm I am talking about things like £% for lunch the odd day or two.. I don't claim things like this daily as I mostly bring my own lunches, but as said earlier, mostly tube tickets etc

[kaiser78]

Claiming lunches can be an issue, unless you are working away from home, mate.

Are you sure ? My accountant(s) has advised in the past the lunch can be claimed as an expense even if not working away from home, within HMRC guidelines of course.