Receipts are annoying, fiddly but absolutely essential to keep if you do any self-employed or freelance work.
Here are some top tips to help you keep on top of them:
1. Empty your wallet weekly. Do it as part of your routine – like ironing shirts for work or buying groceries.
2. Stick all the receipts in an envelope labelled with the month and year.
3. If you have more than one category of receipts (e.g. clients, overheads and expenses) divide them into categories at the end of each month.
4. Seal the envelope and put it into a box for the current tax year.
5A. Ideally, at the end of every month, log them onto a spreadsheet. Otherwise you’ll have to do this at the end of the year.
5B. Hand the lot over to an accountant, book keeper or patient family member to log them all for you, so you don’t have to pay more tax than you must.
So why go to all this bother? – you’ll never have more than 31 days of receipts to look through, and that saves a whole lot of time and hassle!
Based on an article from Girl Monday http://www.girlmonday.co.uk
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