Stolen income

[BOBANDSANDRA]

I am self employed and did a job recently for which I got paid �300 cash. Before I had chance to pay it into my business account I had my wallet nicked so now have no income against the invoice I issued to the customer. Question:- How does the inland revenue deal with this situation? Do I still have to pay tax on this money or is there a way round it? I have contacted the local inland revenue business support team who say they have spent an hour looking on their local intranet for reference to this situation but can't find anything and can't afford to spend any more time looking!!!

[Wellard]

You treat your lost income as an Expense. Presumably you reported this to the police and got a crime number so then put all paperwork together and treat it like an invoice from your supplier. Many businesses have cash go missing fir many reasons but if it is properly documented the Inland Revenue must accept it.

[WendyS]

Have you checked your household contents insurance policy? You may find that lost or stolen cash up to a certain maximum amount is covered within its provisions. If it is and you can produce a police URN (Unique Reference Number) which will have been allocated to the reported crime, your insurance company may refund the money.

[BOBANDSANDRA]

Thanx for the replies. Yes I have contacted my household insurance but they said it wasn't covered because it was stolen from a bag which I had hidden behind the passenger seat. Even though the thieves had to smash the side window to get in, because it wasn't in either a locked boot or glove compartment they wouldn't pay out. Worth noting if it happens to anyone else!!! Yes I have a crime number so will do what you said Wellard. Many thanks.