How to track your receipts to maximise your tax refund
3 mins
Our team of experts at DSR Tax Refunds Ltd aim to make life as easy as possible for our clients – after all, we know how busy life can get without making it more difficult with your tax rebate claim. That’s why we aim to take the strain out of your taxes. Our friendly team are on hand to take you through the claims process, from sorting out the paperwork for you to dealing with HMRC on your behalf. To check whether you are eligible for a refund, check out our handy online calculator. Our tax rebate specialists aim to get you your maximum rebate fast and to help you do that, we want to explain the importance of keeping your receipts in good order.
How important are your receipts?
Your receipts are incredibly important to the tax refund process. Your receipts are the proof that you are entitled to claim the refund that you are claiming so it is really important to get into good habits when it comes to your receipts. If your receipt relates to an item that you have bought which is “wholly and exclusively” for the sake of your business, you should be keeping it safe because you will be able to claim that as part of your tax refund. The phrase “wholly and exclusively” refers to HMRC’s guidelines that expenses must be for items which are only bought and used for business purposes.
Expert Tips to maximise your receipts
Our experts know how hard it can be to keep on top of your paperwork so we have come up with a series of handy tips to help you to keep a track of your receipts – after all, a few extra minutes spent keeping them in good order can lead to hard cash back in your bank account.
Our tips for making sure your receipts work for you are:
- Get into the habit of asking for receipts. We know that sometimes it can be a real bind when you find your pockets full of these annoying bits of paper but once you are in the habit of making your receipts work for you, we are sure that you won’t find it too hard. Each time you make a business purchase, whatever it is, from a particular tool to a sandwich and drink when you are working away from home, make sure you ask for a receipt.
- Keep your electronic receipts organised. These days a lot of purchases are made online – make sure you file any receipts or invoices you get for online purchases to make it easy for you to find them at a later date. A couple of minutes making sure you file them in an easy to find folder on your computer or smartphone will save you hours when it comes to tax return time.
- Take a quick photo of your receipts. A great tip is to take a quick snap on your phone so that even if you lose a receipt, or it goes through the washing machine and comes out in bits, you will still have a record of your business purchases.
- Make your organisation as easy as possible. Just buying a folder or box file and getting into the habit of shoving your receipts in it at the end of the day will make life so much easier for you when it comes to filling in your Self Assessment tax return. If you can separate them out by tax year (6th April to the following 5th April), all the better!
- Recreate lost receipts. Sometimes companies can send you duplicate invoices or receipts if you have lost your electronic copy – if it is a big purchase and you have lost the receipt, contact the seller and see if they can provide you with a copy for your records. It could prove valuable in the long run.
How can DSR Tax Refunds Ltd help?
Now that our experts have given you lots of handy tips to help you keep on top of your receipts, why not get started on your claim today? Our tax rebate specialists at DSR Tax Refunds Ltd are ready to help you get your hard-earned cash back where it belongs. Call our friendly team on 0330 122 9972 and start your claim now. All our refunds are HMRC-guaranteed and the money could be back in your account within 21 days – that’s why we’re the tax experts you can trust.