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Do transactions on bank statements suffice as receipts?

1 reply

mulranno · 29/01/2010 14:48

I use my debit private card for all my business expenses -- then I I claim this back quarterly from my ltd co which I own. I have lost a box of reciepts ... will the transaction on my bank statement suffice?

OP posts:
riksti · 29/01/2010 20:39

Not really. the bank statement will not show you what was bought and whether everything is allowable as a business expense. Example, all it would show is that you paid £150 to Currys, whether it's for a printer (i.e. business expense) or your ipod (most likely a private purchase) is not shown on the bank statement.

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