Can I claim an expense if I don't have the receipt?

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Individuals who are self-employed must follow the rules provided for by the HMRC. HMRC rules state expenses wholly and exclusively incurred for business purposes can be claimed. Claims for expenses which are not incurred and are fraudulent expenses amount to tax fraud. You may be subject to penalties and/or imprisonment if you falsify expense claims. 

 

In order to satisfy HMRC requirements for incurred business expenses you must keep a record of receipts, if however you are unable to locate a receipt you may be able to evidence this expense using a bank statement as proof of purchase if it is paid through the business account. 

 

If you are an employee and wish to claim an expense, please see your employment contract or speak to your line manager for further information.

Do bank statements count as receipts for taxes?

In order to satisfy HMRC requirements for incurred business expenses you must keep a record of receipts, if however you are unable to locate a receipt you may be able to evidence this expense using a bank statement as proof of purchase if it is paid through the business account.


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