Missing receipts

PGM
PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
in General accounting discussion
A relative has asked me a tax question and I'm sure there's better people to ask on here;

If fuel receipts are missing for a period, can you estimate the value?

And if so, can you estimate based on periods not missing, relative to turnover?

Many thanks

Comments

  • wannabebean
    wannabebean Registered Posts: 72 Regular contributor ⭐
    Hello

    If there is a mileage diary this can be submitted instead - however surely the bank account would show the transactions? At the very least this proves fuel was purchased. However the mileage diary is more important as it is not the actual value of the transactions that count but the miles driven (and accurately recorded) as the receipts are not the value that is tax deductible - it's the mileage rate.
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
    I would make a reasonable estimation based on what knowledge you have i.e. amount spent on fuel, possible business journeys, as long as it's not way out and you have something to back it up I'm sure it would be ok

    I'm presuming this is a sole trader using percentage basis of fuel purchased?
  • PGM
    PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
    wannabebean wrote: »
    Hello

    If there is a mileage diary this can be submitted instead - however surely the bank account would show the transactions? At the very least this proves fuel was purchased. However the mileage diary is more important as it is not the actual value of the transactions that count but the miles driven (and accurately recorded) as the receipts are not the value that is tax deductible - it's the mileage rate.

    It's fuel cost method. There's no logs only receipts which start part way through year..
  • PGM
    PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
    Bluewednesday wrote: »
    I would make a reasonable estimation based on what knowledge you have i.e. amount spent on fuel, possible business journeys, as long as it's not way out and you have something to back it up I'm sure it would be ok

    I'm presuming this is a sole trader using percentage basis of fuel purchased?

    It's a sole trader with a van. I've heard lots of people simply put the whole van cost through, worries me a bit knowing how much fuel costs are in relation to turnover, and no other vehicle is available for personal use?

Categories

Privacy Policy