Record gross takings
Cash sales should pass through the register or a daily sales book. Money taken from the till to pay purchases remains part of gross revenue; reporting only the cash left at closing understates sales. Explain discrepancies between register tapes and the cashbook. Stall subletting income should also be recorded, with a signed tenancy agreement. Keep business accounts for five years; source documents are normally retained rather than routinely sent with the return. Simplified record keeping applies only when all its conditions are met.
Support costs and stock
The appendices provide daily sales, wages, expenses, ingredients and statement-of-accounts templates. Rent, utilities, business telephone costs and assistants’ pay require appropriate evidence. Fixed-asset expenditure is assessed under capital-allowance rules rather than simply deducted as an operating purchase. Stock and ingredients records help reconcile purchases with sales and private use. The publication contains older procedural references, so its filing, GST and simplified-record criteria should be checked against the relevant year’s official guidance.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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