FAQs

General FAQs

I am a small limited company, will I benefit from a cloud based system?

Yes, even as the director of a small company you can use Receipt Bank to upload expense receipts and invoices on the go. This means you don’t need to worry about keeping those petrol receipts you’d normally shove into your back pocket. This is just one of the many benefits of using cloud systems.

How much tax am I going to pay?

This is something that we can calculate for you and also advise you how and when you will need to pay it. We will always work to minimise your tax bill and ensure it doesn’t affect your cash flow.

When are my Accounts due?

Limited company accounts are due 9 months after the company year end and sole trader accounts are due by 31 January.

What does xero mean for my business?

Xero means you can spend more time on your business rather than in your business!

Why should I use cloud based vs traditional accountancy processes?

With traditional accounting processes such as spreadsheets or desktop software, you typically would get the accounts a year to 9 months after the year end. By this time the data may not be as relevant or useful to your business and is just a box ticking exercise. On the other hand, by using cloud systems you can get real time data on how your business is performing. This can help you make more informed decisions for your business.

When do I need to register a payroll scheme?

A payroll scheme is needed when you have staff whom you are paying wages.

What is a P30?

This is a statement showing the employer the total PAYE and NIC liability due to HMRC for any given month.

What is a payroll scheme?

A payroll scheme is where your employees and their pay details are recorded. This information is sent to HMRC either weekly, fortnightly or monthly in Real Time Information (RTI).

What are the benefits of Limited Company vs Sole Trader?

As you grow your business, it makes sense to register with Companies House as a Limited Company. This has many benefits including the opportunity of securing contracts or working with suppliers of certain organisations, who will only trade with Limited companies. It also protects you. There is nothing wrong with maintaining a sole trader business, however, discuss the benefits with your Accountant who can advise you the best route and plan for you and your business.

Receipt Bank

1. What is Receipt Bank?

Receipt bank is the market leading pre accounting app that helps accountants and small businesses share documents instantly, with no need for data entry.

Our aim is to arm every small business with the resources of a large financial department. With the fastest turnaround time and highest accuracy in the market. Your information is saved with receipt bank.

2. How does it work?

The Receipt Bank mobile app means you can take photos of receipts and invoices on the go, wherever you are.

Receipt bank reads the data and sends it straight to us your accountant. That means whenever you make a business purchase, you can take a photo of the receipt then throw the paper away. We would recommend re-cycling of course.

You may have two options:

  • Have a paper receipt? – simply take a photo of this on your smart phone using Receipt Bank’s mobile app. Press submit and it goes straight to your accountant.
  • Have a digital invoice? – Forward this directly to your personalised Receipt bank address. Your accountant receives your documents and will take care of the rest for you.

3. Do I have to pay for Receipt Bank?

The Receipt Bank mobile app is free for you to use courtesy of your accountant. Simply use the log in details provided by text/sms or email. If you do not have these, please get in touch with us straight away and we can talk you through this.

4. Where is my information Stored?

Your information is stored securely on our cloud servers, in accordance with EU legislation. We take the security of your data very seriously and use bank level encryption across our networks. Only you and those to whom you give permission can see your data.

5. What do I need to send in Receipt Bank?

You can send all your receipts, purchase invoices and expense claims via the Receipt Bank app. For other documents you want to send to your accountant, please just use the usual forms of correspondence.

6. How does Receipt Bank work if I have one or more businesses?

It is possible to have more than one company registered with Receipt Bank. Your accountant will create unique log in credentials for each of your businesses. To log into the mobile app using multiple accounts, press the profile button (iOS) or the cog-wheel setting on Android and the button, “Add Existing Account”.

You can then switch between your accounts from the same menu. The business profile that is currently selected is indicated with a blue tick.

Please note : you cannot have the same log in details for more than one business.

7. Can the Receipt Bank App be connected to more than one device?

Yes, you can connect a number of devices to the same Receipt Bank account to send receipts and invoices. That means if you and your team are travelling frequently, you can send information to the same place no matter where you are. No need to send anything by post.

8. I have a Windows phone. Can I use Receipt Bank?

To date there is no official Receipt Bank mobile app available on Windows. We recommend taking a photo of your documents and sending it to your dedicated email addresses.

For more information on this time saving and innovative app, please arrange a call or drop a message to your accountant. We will be happy to talk you through this and help you get started.


Disclaimer: Any information here is intended only as a guide for specific details and further information, please get in touch and one of our friendly advisors will be able to help you.
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