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.

Changing priorities at HMRC

HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed.

08 May 2018

GDPR compliance deadline looms

The Federation of Small Businesses (FSB) is warning small and medium-sized enterprises that time is running out for them to prepare.

08 May 2018

Tax reliefs following the Scottish Budget

The Government has stated that it will ensure that tax reliefs continue to work as they were intended as the new Scottish Income Tax rates and bands are introduced.

08 May 2018

EMI options may not qualify for tax relief

The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options.

08 May 2018

P11D deadline approaching

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC.

08 May 2018

VAT fuel scale charges

HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018.

08 May 2018

HMRC consultation on benefits exemption for workplace charging facilities

HMRC are consulting on the tax exemption which will apply from 6 April 2018 on workplace electric charging facilities used by employees.

08 May 2018

GDPR

New data protection rules from General Data Protection Regulation (GDPR) will replace the Data Protection Act in the UK from 25 May 2018.

04 Apr 2018