Keeping records of expenditure

21/05/2019 11:33:46
Hi I have an holiday let and keep records in the form of paper receipts of expenses such as cleaning and maintenance etc. But in the case of regular (standing order) expenses eg services such as gas , electric, water and mortgage interest I do not have paper receipts or invoices. Is it sufficient to keep paper bank records of such payments as evidence?

Re:Keeping records of expenditure

21/05/2019 13:40:59
Hi Chris,

Thank you for your question.

Bank statements are acceptable as evidence of expenditure as long as it is clear on the statement what the expenditure is for. For instance if it is to pay Mortgage costs this should be clear on your statement that the money going out of your account is for this reason.

Please refer to the below link for more detail as to what records should be kept:

Keeping your pay and tax records

Any evidence that is not covered here will be judged on its own merit but the onus is for the individual to keep clear records of their business transactions.

Keeping records of expenditure

23/05/2019 06:21:36
Thank you for the reply. That answers my question.