HMRC have announced that businesses can record their petty cash expenditure in aggregated form. In other words, petty cash expenditure can be added up outside of your bookkeeping system and recorded as one item per month for example. This is only allowed for individual items of up to £50 including VAT and for aggregated petty cash totals of up to £500 including VAT.
Making Tax Digital – recording petty cash expenditure
on 8 July 2019 with No Comments