Tax questions

[SillyMillysMummy]

I have just done my last years accounts and want to try and keep up to date this year month on month. I realise that i have to keep all food receipts, but can i put a standard amount per week for accounting purposes? Also, how about petrol allowance?

I think it's 40p per mile for petrol. Until now, I've always just put an allowance for daily food/drink/snacks - not sure what going to do now if we have to have food receipts. Sometimes mine don't want what's on the 'menu' and end up eating what had planned for own family

AFIK you can still put estimates down for food purchases if it costs under £10. Although you have to keep your food receipts, you don't have to store them together with your accounts . It won't be the Inland Revenue asking to see them unless you do full accounts.

Do you know how long we have to keep food receipts for?

Tax records (and receipts supporting entries would be included in that description) should be kept for 6 years. Tax law doesn't state where you are supposed to keep this pile of scrap paper that nobody will ever look at and doesn't differentiate between a sole trader CM and Marks & Spencer.