The Wholesale Forums

[simster]

hi all was wondering if any one could tell me if i need to keep all receipts for stock i purchase to sell online? the reason i ask is the guy implanning getting some stuff off will probably give me a discount which i think will be item -vat, not sure though. if he does this he wont give me a receipt as he never has in the past when ive bought stuff for personal use. just wondering if i need a receipt for the tax man? cheers

[canada]

Yes you need receipts for all purchases,sounds like your dealing with an unregistered sole trader.

Scott

[jamestyrer]

It sounds like someone wants to deal in cash!!!!!! So to avoid his own taxes!!! Its upto you, technically you cant claim this as a "purchase" in your own accounts unless you have a reciept to back it up!

[simster]

thanks guys im also thinking what if im out at say a car boot sale and buy some stock to sell in my shop, theres not much chance of getting a receipt. should i if this was the case mabee get the guy to write out a quick receipt on a piece of paper or is that not good enough? cheers

[oakmast]

Take a receipt book with you to the boot sale and get the seller to make a receipt for you

[simster]

thanks oakmast is that acceptable to the tax man? would be a simple solution though, sounds good cheers

[jamestyrer]

Yes it would be as long as you can demonstrate the person you have bought it off. At the end of the day, as long as YOU declare all your income it shouldnt be an issue.

[simster]

sorry for being dumb but what do you mean demonstrate the person i bought it off? cheers

[jamestyrer]

to claim a cost within any business, you need to have a record of the amount you have paid for that expense/stock item/service. Without this, your on dodgy ground if there was ever an enquiry

[simster]

so as long as i have a receipt for goods bought for resale i am ok. do i basically just need the seller to write me a receipt with description and price of goods or do i need his details aswell such as name, addresse etc