Save time and digitise your paperwork with the help of the Fujitsu ScanSnap iX1600
It’s that time again, yes already, where you need to consider filing your tax return for FY21. To help you get ahead of the game, here are some tips on how to move towards a paperless, and painless, tax return.
- don’t leave this until the last minute as registration takes around 10 working days, which is two weeks. Once you have activated your account, you can file your tax return online right up to midnight on January 31st.
- keep these in a safe place: P60, P45, P11D, PAYE code letters, investment certificates, bank account interest certificates, as well as sales invoices and all expenses receipts.
- most people set up a spreadsheet on which to record their monthly income sources and expenses. This can work fine, if you’re the sort of person who is good at remembering to update records regularly - a spreadsheet like this really needs to be done monthly to stop it becoming a monster of a job as the tax return deadline looms. The other challenge is keeping track of all the bits of paper needed to prove income and outgoing. People often use a traditional receipt-spike or simply a drawer or place they consider to be safe and keep their receipts and tax documents in there. Expenses receipts might be print-outs from online purchases, or they might be hidden away and almost forgotten in pockets and wallets, cars and handbags - it’s always worth having a good search and putting them in a safe place.
- eliminate the tiresome manual data entry step by digitising all your tax and income documents along with expenses receipts on a daily basis. Instead of putting them in the drawer, simply pop them through one of our desktop scanners, like the brand new that saves them directly to a folder to be sent to your accountant at the end of the year, or even uploaded to a Cloud-based accountancy software application of your choice. The best way to be organised, maintain accurate records, and be able to save them directly to Cloud accounting systems, is to digitise all your tax documents, invoices, expense receipts, employee records etc. instead of relying on a heavily paper-based system. Our great document scanning solutions can scan and store files directly to your selected Cloud service. ScanSnap Home software (included with all ScanSnap models) software can even recognise data on receipts then automatically extract the relevant information into editable fields for uploading to the Cloud. ScanSnap Home even recommends file names from the text in the document. Not only does the accuracy of information extraction increase the more you scan, but edits made to file names are learned for later naming suggestions allowing you to bypass the hassle of repetitive post-scan operations.
— the rise in software as a service (SaaS) is seeing many accountancy firms adopt Cloud-based applications so it makes sense to get on-board with this inevitable progression. Also, rules that were introduced in 2019 as part of the UK’s , mean all VAT-registered businesses turning over £85,000 need to submit quarterly tax returns using HM Revenue & Customs (HMRC) compliant software. As Making Tax Digital is on the rise, SMEs, including sole traders, should begin their preparations now.
Moving to Cloud accounting is straightforward. Packages such as Quickbooks or Sage Business Cloud, are easy to use, and the benefits include real time collaboration with accountants and advisors, bank-level security, 24-hour access to your information and real time reconciliation with your bank. The challenge is that document management and organisation will become more important than ever.
The way UK businesses and individuals submit tax is changing and it’s time to adapt and get yourself or your small business organised, tax-ready, and connected to your cloud-based applications, with one of our ScanSnap scanners.
Why not take advantage now and make your scanning even more of a breeze, with this fantastic offer of Adobe Acrobat Pro software free with the Fujitsu ScanSnap iX1400, available now at KIT Online.