A compani am doing the accounts for uses one company credit card for all all travel & hotel expenses plus other items such as amazon etc...
The number of transactions could run into over 100 per month. The problem i am having is that getting my hands on all of the receipts/invoices is near impossible, the sales staff are based all around the country and will not ask for receipts.
Do i need a receipt for every transaction for audit purposes or is there a bit of leeway here?
The company I work for is the same! The reps & engineers never hand in all there receipts and when they do they are always late so I have usually put the payments through. The biggest problem I find is sometimes on the CC statement it is not always obvious what they have bought so I have no idea what nominal to put them to.
My question is do you have to have the receipt to to claim the VAT back? If you know VAT will have been charged but do not have the receipt can you claim it or would you have to put it to T9?
The golden rule is no receipt, no VAT reclaimed. I would also use T0, or T1 with zero VAT.
It may be worth bringing it to the attention of management, so that they can "manage" their staff to ensure the receipts are received. Show them how much VAT they are losing. Of course the managememt may be the biggest culprits
