Receipts are annoying. And Fiddly. And absolutely essential to keep – especially if you do any self employed or freelance work.
Here’s my top tip on keeping on top of them.
1. Empty your wallet weekly. Do it as part of your routine – like ironing shirts for work, or buying groceries.
2. Stick all the receipts in an envelope labelled with the month and year.
3. (Optional) If you have more than one category of receipts ( I have three – clients, overheads and expenses) Sit down at the end of the month and divide them into categories.
4. Close the envelope, and put it into a box for the current tax year.
5A. Ideally, at the end of every month, log them onto a spreadsheet. Otherwise you’ll have to do this at the end of the year.
or
5B. Hand the lot over to an accountant, book keeper or patient family member to log them all for you, so you don’t have to pay more tax than you have to.
And the big reason it’s worth doing the above – it you ever need one, you’ll never have more than 31 days worth to look through, and that, my friend, saves a whole lot of time and hassle.
