What is 1tap receipts and how can it help me?
Being a sole trader isn’t easy. You are the business, and every move you make has a consequence. When it comes to your Self Assessment with the HMRC it can take a lot of time, effort and even money from you.
As we all know time is incredibly precious and needs to be used productively, that is why you need things to be done quickly and with as little hassle as possible.
1tap receipts has been created with that in mind. It’s straightforward, intuitive and makes running your business much easier. Whenever you have a receipt, either paper or digital in an email, just photograph it with your mobile phone or forward on your email, then we do all the work for you.
1tap receipts extracts all the key information from your receipts, such as the amount, categories, dates and supplier then files them, ready for your HMRC Self Assessment form.
We can then take that data and double check it and claim any other expenses that we can for you and advise any other changes we need to make before filnig your Self Assessment.
It’s the answer to Making Tax Digital!
Making Tax Digital (MTD) is a huge project by HMRC to get all taxpayers recording and reporting all of their business income and expenses electronically and it is due to start from April 2019 for Landlords and VAT registered business from April 2019. From this point they will be expected to make a quarterly filing detailing their income and expenses in addition to any quarterly VAT returns!
Sole traders will then be expected to join in the fun from April 2020 and must have entirely an digital system of recording and reporting their income and expenses and make quarterly returns even if they are not VAT registered or a limited company!
1tap receipts is going to help us to help you get ahead of the game and ensure you claim all of the allowable expenses you possibly can and remain compliant with HMRC and not suffer with the no doubt heavy penalties HMRC is always keen to impose.
You can download our app onto your phone from the link on the right hand side of this screen and start saving time on your record keeping and ensure you don’t get caught out in the rush when the regulations are implemented.