What to do when you lose a receipt.
When it comes to business expenses, keeping a clear record is essential.
Whether it’s an invoice or a payment receipt, you should ideally always have a receipt for every expense you claim. Perhaps you forgot to ask for one, the business didn’t provide one, or it simply got lost.
Don’t panic, all is not lost. In this blog post, the experts at Rosemary Bookkeeping share how to claim without a receipt.
Can You Still Claim Without a Receipt?
Yes, you can still claim legitimate business expenses even if you don’t have a receipt, but you’ll need other evidence to support the claim.
The expense must be necessary for your business operations, and you should record as many details as possible about the transaction. This includes:
- Who you purchased from
- When you made the purchase
- Where the sale took place
- What you bought and why it was necessary
If you paid via your business bank account, your bank statement can be used as proof of purchase.
For example, if you’ve paid cash for parking while attending a client meeting and the machine didn’t provide a receipt. Instead, you could record:
- The cost
- The location
- The parking company name
- The date and time
The more detail you capture, the better. A tax inspector will be far more likely to accept the claim if you can clearly show the expense was genuine and necessary.
The Key Takeaway
While a receipt is always best, missing one doesn’t mean you can’t claim. Good record-keeping and alternative evidence can save you stress and money when it comes to your tax return.
Need help with your bookkeeping?
With much more to keep track of throughout the year, you can take some of the stress out of your business operations by leaving your bookkeeping to the professionals.
To learn more about our services and how Rosemary Bookkeeping can help you, call 0345 862 0072 or find your nearest Rosemary Bookkeeper today.
