Tax Receipts for your returns

[whitt]

Have any other of you investors noticed that those receipts that you get from the electronic tills are very similar to fax paper. In that they fade extremely quickly and become immpossible to read.

Obviously this can lead to difficulty compiling your returns at the end of financial year if you can not read them. And if you could the longevity of the print may be in question say in 2 years time if you happened to get a tax audit and need to show receipts for that year claims.

Does anybody no what the legal standing is from tax dept and any ways around it?

I don't have a scanner but this could work for others. In the past I used to write on the receipt in Pen with relevant info eg. date, amount, what for...

[Marc]

Hi whitt!

What an interesting post! I will do some research on the subject..

Best Regards

Marc

[whitt]

I beleive this could end up to become a hot investor tip.

Something that you only learn over time not from a property scam-inar.

[RentMaster]

Just keep them out of the sun. I think that is what tends to kill them. They use thermal paper. If they are in a filing cabanet they should survive.

For my tax returns, all my accountant wants is the bank statements anyway. But I still keep the receipts in case of an audit. I also keep a record of all my transactions on computer using a fabulous piece of software :-)

[Marcus]

Just keep them out of the sun. I think that is what tends to kill them. They use thermal paper. If they are in a filing cabanet they should survive.

I too have found that my receipts printed in the same manner have faded also. I have each years receipts shoe boxed and well out of the sun so I'm guessing its a time factor problem.

Regards,
Marcus.

[inzvestor]

Scan them and keep them filed in date order
Back them up to CD and send this off to your accountant (that's what mine likes anyway)

[Marcus]

Much the same as Andrew, my Accountant does not want my receipts. What he requires is, Bank statements, cheque buts, Reg valuations, chattels schedules, charity receipts, and legal transactions of any purchases made from my solicitor.

I only keep purchase receipts for audit purposes.

Regards,
Marcus.

[LeanneS]

Just keep them out of the sun. I think that is what tends to kill them. They use thermal paper. If they are in a filing cabanet they should survive.

You mean they're not supposed to be in a pile on the floor?