Receipt Bank

At MJF Accountancy we know that business is hard enough without having to keep track of all your expenses. To make life a bit easier we offer Receipt Bank as part of the package for all clients who are using cloud accounting.

Here are five reasons why we think you’ll love using Receipt Bank.

  1. No more storing paper

If you’re tired of having a bunch of paper receipts and invoices hanging around your house or car all year, we don’t blame you.

With Receipt Bank you can just snap a picture of your invoice, and then throw the paper away. The image of your item is fully HMRC compliant and stored safely online. It also means no more trips to drop off a bag full of receipts for your accounts.

  1. No more entering data

No more Sunday nights hunched over an Excel spreadsheet entering your expense data.

All you need to do is take a picture of your receipt or invoice with your phone and the app will do the rest. The data is extracted automatically and sent it straight to us. You can also forward digital invoices to an email address.

  1. Claim your full allowances

It can be a pain to keep track of bits of paper, especially if you’re incurring expenses on the move. That means every year receipts get lost, damaged and you miss out on claiming your full allowance.

Receipt Bank lets you snap a picture of a receipt or invoice the moment you get it, so it’s all stored safely. That means we’ll be able to help get the most from your accounts and help you claim your full allowance.

  1. Easier budgeting

Another advantage of keeping records as you go is that we’ll have a steady stream of information on your business. We can use this to update you on your tax obligations throughout the year so you can set money aside and there’ll be no nasty surprises.

  1. Get ready for Making Tax Digital

HMRC’s new Making Tax Digital legislation means that from 2019 all non-VAT registered sole traders will need to submit financial information four times a year to a digital tax account. This handy app provides all you’ll need to make sure you’re ready for the switch.

We know you went into business to follow your passion, not to keep books. Using Receipt Bank with MJF Accountancy gives you the time you need to focus on your work, secure in the knowledge that your expenses are taken care of and you’re getting the best deal possible.

Spring Statement 2018

The Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018.

13 Mar 2018

Tribunal rules BBC journalist is caught by 'IR35' legislation

A First Tier Tribunal has ruled that a presenter paid via a personal service company was caught by the IR35 rules resulting in additional tax and national insurance contributions being payable.

05 Mar 2018

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 March 2018.

05 Mar 2018

Scotland's five income tax bands and tax relief for pensions

Following the announcement of new income tax rates for Scottish taxpayers for 2018/19, the government is looking at ways of addressing the issue of the tax relief due on Scottish taxpayers' pension contributions.

05 Mar 2018

Minimum Wage increases

The National Minimum Wage and National Living Wage are the legal minimum wage rates that must be paid to employees.

05 Mar 2018

Pensions Auto Enrolment reaches a million employers

The Pensions Regulator has announced that the number of employers meeting their workplace pension duties has reached one million and that statistics show that approximately 9.3 million people are saving into a pension.

05 Mar 2018

Year end tax planning

With the end of the tax year looming there is still time to save tax for 2017/18. We have set out some points you may want to consider.

05 Mar 2018

HMRC rejected Self Assessment expenses and excuses

HMRC have released the latest list of imaginative excuses made by individuals who failed to submit their self assessment return by 31 January deadline in 2017.

05 Feb 2018