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Sitting doing my VAT return (oh happy day) and end of year receipt shuffling. I have two vans, nice little piles of receipts for servicing and repairs (and larger piles of fuel receipts) for each of them. But wait - no receipts for insurance for either of them.
Maybe they were emailed to me? - check through emails from bother brokers (Gladiator and Budget).... no.
Login to their respective sites where I can print out schedules and policy docs - no section for receipts and invoices.
Type questions in to FAQs 'invoice' and 'receipt' return no answers.
Phone and ask for a receipt and they seem to be surprised that I'm asking and actually had to ask why I might want one - put me on hold and then: "We don't send receipts, but we can write you a letter confirming payment"
I'm not mad am I? Vehicle insurance is a bona-fide, claimable business expense (isn't it - HMRC's site seems to suggest it is) surely all their customers would hope for/expect/ ask for a receipt?
Your schedule of insurance is a receipt shirley.
I'm not sure how it works wrt VAT mccruiskeen, but my accountant has always said, if you pay it and can show somewhere that you've paid it (but don't have an invoice/receipt), then just put it down as an expense. Just because you haven't got a piece of paper saying you've paid it, it doesn't make it a false claim. Can't you just print off your bank statement showing it as a DD?
(I know VAT stuff has to be a lot tidier than non-VAT registered self-assessment books; or should I say, I know VAT returns are subject to a bit more scrutiny and you don't want to give them a reason to come and have a closer look 🙂 ).
Your schedule of insurance is a receipt shirley.
It confirms I have insurance but it doesn't state what the insurance cost or confirm that I've paid for it
I'm not sure how it works wrt VAT mccruiskeen, but my accountant has always said, if you pay it and can show somewhere that you've paid it (but don't have an invoice/receipt)
True enough, but it seems easy enough for the insurer to offer a receipt if they're asked for one. Insurance isn't VAT-able (IIRC) but you declare non vat expenses alongside the vat ones in the return so its all part of the same record keeping if they came to look up my arse with a torch.
Yeah, fair point. And I've had this before when doing my SA at 2345 on the 31st of January each year 😀
I just put my insurance payment down as it appears on the bank statement. Nobody has ever questioned it.
doesn't state.................paid for it
Ah right. Mine does - Brentacre
Required by law to provide valid vat invoice or receipt
You better check that you pay VAT on the insurance before you claim for it.
I think it's exempt.
I think it's exempt.
Yep, but as maccy said, you have to pop the non VAT expenses in alongside the VATable ones in the return.
You better check that you pay VAT on the insurance before you claim for it.I think it's exempt.
I think it's exempt too, but if the insurance co issued a proper receipt it would be [i]clear[/i] whether vat is being charged or not. Even if its not vat rated, non-vat expenditure is still part of the return (and obviously still part of my SA figures too).
Hang on, hang on, HANG ON!
Are you being Mr Goody Two Shoes and doing your 12/13 return already?!?
If you are doing VAT the SA effectively does itself - so no I'm not doing 12/13 just now but in effect its done, as all invoices and receipts have been counted to do the VAT, so its done bar me logging on to HMRC and putting the numbers in.
This does nothing to detract from the procastinating. Although all I really need to do is log in and enter two numbers I'm still more than capable of waiting another 306 days and 9 and a bit hours to do that. And then doing it an a drunk panic
I think it's exempt too
Ah right, I missed your follow-up post.
When I did VAT returns like that I only listed expenses which incurred VAT.
Gone on the flat-rate scheme now though. Much easier and works out slightly more advantageous.
This does nothing to detract from the procastinating. Although all I really need to do is log in and enter two numbers I'm still more than capable of waiting another 306 days and 9 and a bit hours to do that. And then doing it an a drunk panic
Amen. 😆
You don't pay VAT on insurance, it's insurance premium tax or something like that. No VAT to show or be reclaimed. Save it for your SA.
you dont need every reciept.. significant evidence will do.. but your right.. the LAW says you should be offered a reciept for all purchases.. insurance co.s never offer them..
Insurance is exempt so doesn't go on your VAT return only rated and zero rated items.
You don't normally get an invoice for your insurance just a quote then wen you accept it a certificate. Your quote and payment would suffice for proof of expense for your SA. Same with bank charges and interest if you have paid any.