Best Practice Examples

Best practice example 1:

This allows us to see what the item was (see receipt on left) and how it was paid (see receipt on right). The written note on the receipt helps us categorise the expenditure correctly. Alternatively you can make notes on individual receipts through the mobile app or by logging into Receipt Bank once the item has been processed. It’s particularly important to highlight client entertainment (as it is not tax deductible) and staff entertainment (taxed on the staff), as well as things like travel and subsistence (reported separately to HMRC).

Best practice example 2:

The notes added to this receipt explain how the item was paid, and what it relates to. It is important to identify when items are paid in cash or from a non-business account as it helps us to monitor your director loan account (i.e. how much money is owed to you from the company). 

Still need help? Contact Us Contact Us