Keeping receipts
A receipt is the proof behind a cost. Learn what a good receipt shows, how to file receipts, and how to check them against your record.
This path is practice in how the records and the sums work. It is not tax advice. Any rate or allowance in a question is an example for that question, so check GOV.UK for the current figures.
In this room: 3 tasks, 8 questions
- What a receipt proves2 questions
- Filing and checking3 questions
- Putting the record right3 questions
A receipt proves that a cost was paid, when, to whom and for what.
- The supplier's name
- The date
- What was bought
- The amount paid
A card slip that shows only the total is weak proof, because it does not say what was bought. Keep the itemised receipt as well.
Answer the questions below
1 more question follows in this task.
File receipts in date order, month by month, on paper or as photos. Name each photo with the date and the supplier.
Once a month, tick each receipt against the record. A line with no receipt, a receipt with no line, or two figures that differ all need looking at.
| Date | Details | In the record | On the receipt |
|---|---|---|---|
| 3 Jul | Trade paint | 112.00 | 112.00 |
| 8 Jul | Sandpaper and filler | 18.40 | 18.40 |
| 15 Jul | Van fuel | 60.00 | 66.00 |
| 22 Jul | Dust sheets | 24.50 | No receipt |
| 29 Jul | Masking tape | Not in the record | 9.60 |
Answer the questions below
2 more questions follow in this task.
A receipt is written by the supplier at the time, so it is usually the figure to trust. Correct the record to match it.
| Date | Details | In the record | On the receipt |
|---|---|---|---|
| 3 Jul | Trade paint | 112.00 | 112.00 |
| 8 Jul | Sandpaper and filler | 18.40 | 18.40 |
| 15 Jul | Van fuel | 60.00 | 66.00 |
| 22 Jul | Dust sheets | 24.50 | No receipt |
| 29 Jul | Masking tape | Not in the record | 9.60 |
If a receipt is lost, keep the line. Note what was bought and why there is no receipt, and keep the bank statement that shows the payment.
Answer the questions below
2 more questions follow in this task.