Every time you buy a product, incur travel expenses or pay a bill on behalf of your business you will need to keep the receipt as proof of purchase so you can offset the expense against profits and/or reclaim them from the business. All you need do is have a large envelope in your office drawer into which you diligently place these receipts at the end of each day. It’s that simple. If you are registered for VAT, you will also use these receipts, on a quarterly basis, to complete your VAT return. So, you could start a new envelope each quarter. If you are not registered for VAT, you can replace your envelope whenever it gets full or on a regular basis such as monthly. Make sure you label each envelope with the correct period of time for the receipts inside.
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