Lost Taxi Receipt

Taxi-receipt lost

A fortnight ago I took a taxi from the train station to a meeting at work that I shared with a junior colleague. What can I do? Does anyone in financial and bookkeeping know whether they really need every voucher for addudit or can they compensate for the uneven lost voucher? If there is a statute or ordinance forcing them to have any evidence - no. 1 ) MMRC - they can get into big difficulties if they regularly disburse a reasonable amount without income.

TCRC begins to ask serious question when staff receive cash without proof (proof = receipt) and will choose to take a wage and take large amounts of taxes. Plus, letting unchecked expenses make cheating much simpler. When you let your staff take one or the other object, how do you make sure you do exactly the same for everyone?

When you exclude one individual from a taxi receipt, how about a food receipt for another and how about a receipt for another one? The most beautiful thing you can do in many ways is to make it very clear, no receipt = no bill of expenses and do it. If you have the backing of your supervisor, my suggestion is that you simply work around the rule, adding an additional 30 mile to a billing, or get a replacement taxi receipt and use it.

Managers will endorse it, you get your money, finances have their receipts. However, they in turn are expecting the financial expert to breach the regulations by handling an expenses statement without a receipt.

Lack of documents or bills - How to proceed

When your company is involved in many different types of transaction, it can be difficult to keep an overview of your vouchers or bills. Whichever way you use to save your recordings, damaged data sets, bad storage devices or lost pieces of hard copy can all result in lost sales slips or bills. So, if you've finished your quest and still can't find a lost item, what should you do?

Note, however, that none of these documents provide complete coverage against the deletion or loss of your fiscal documents. Loss of operating expenditure vouchers: The loss of a receipt for an operating expenditure is likely to occur to most companies at some point. When you plan to make a charge for lost receipt related costs, it begins to cause much more headaches.

A lost copy of a retail receipt: The receipt of your money means that you have to send a receipt to the costumer. A copy of this receipt can be kept in the shape of a receipt or a cash receipt. The loss of your copy means the loss of proof that the deal has taken place. A lost bill sent to a customer:

For a number of different possible causes, you may loose a copy of an invoicing document that you sent to the customer during settlement. Maybe the document was erased or you lost your e-mail address where the bills were stored. No matter what the cause, it's not a comfortable position to be in a particularly big bill.

It is the duty of HMRC to provide adequate proof of all expenditure and revenue shown in a VAT declaration. However, the concept of "sufficient" proof is unfortunately somewhat ambiguous. There should be no big problems for small expenditures such as taxi fares and other travelling charges.

When you have lost the taxi's receipt, then as long as you have a recording of your payments from e.g. a major international airport you should be in order. It is still possible to deduct these costs from your income taxes even though the receipt is not available. You should be on the safe side even with a major effort, such as a computer buy, if you can display a corresponding transaction on a bank account sheet or your monthly bill.

Problems occur when you begin systematically with the loss of documents, especially if you loose several high-quality documents. In this case, the HMRC may conduct an audit of your financial situation and prohibit some or all of these expenditures. One lost record with alternate proofs is usually fine, but several lost records are extremely dubious.

When you have lost several small documents of one kind - e.g. fuel documents for a company car - it may be sufficient to make an estimation of the amount you have already spent in the course of the year and use this estimation to validate the outlay. When your company is taxed, all expense line item (s) should include the appropriate tax receipt if you wish to recover it.

But if you have lost a receipt that you must use to reclaim the tax, you can still offer alternate proofs. Please be aware that this is at HMRC's sole option and that you must accurately disclose the allocation of value added tax as part of the costs. Handling lost bills comes with the same recommendation.

When you can view a corresponding transaction on a single account card for a single lost data set, you should have no problem. Be cautious only if you loose several bills or if your company is subject to value added tax. Please be ready to provide other types of proof if the TCRC starts asking inquires. The loss of a receipt is often not a big thing, but it is important that we all liven up and make our own mistake.

In order to prevent the same errors from recurring, make sure you have a strong, reliable accounting system to keep an eye on costs. Have a look at why you lost the receipt and how you can prevent it from being made again. Loss of documents and bills will not be a problem after the expiry of the deadline specified in the rules.

For simplicity, clamp accounting-software like QuickBooks, Xero or FreeAgent has the possibility to photocopy receipt and invoice and attach them to the respective expense area. What you need to take with you is that you should be willing to protect any information you have in your application and that you should have the necessary documentation to prove your claim.

Otherwise, you may face penalties for lack of documents, lack of bills or other problems with your documents.

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