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Receipt Management

App receipt manager

Simple, easy and efficient receipt management

Receipt management can be a tough task. Trying to keep track of all those important business expenses and receipts can be a nightmare: pockets overflow, wallets become crammed with them and inevitably, many are lost. If you are claiming back expenses and/or the VAT then this can be a significant cost and frustration.

Over the years, as a firm of proactive accountants in North Devon, we have seen it all. From envelopes and shoeboxes overflowing with receipts to carrier bags and plastic wallets.

There is a much easier way and it’s free

As a modern, forward thinking firm we are always looking for new and improved ways of doing things. So when we launched our Apple and Android-approved App, one of the important features was Receipt Management – A super easy way that all businesses (both clients and non-clients) could store and manage their receipts. And here it is, the Accountancy Edge Receipt manager.

It’s built into the main App, which is available free from either, the Apple or Android store. Simply search for Accountancy Edge Tax in the relevant store and download the App free.

How does the Accountancy Edge Receipt Management App work?

app receipt formFirst, you need to download the App (see above). Once you have the App, simply click on the home page icon labelled ‘Receipt Manager’. This will open a window just like the one opposite.

Before you get started, enter your name and company name into the ‘My settings’ section of the receipt tool.

Photograph a Receipt

You can take a photo using the ‘Photograph a Receipt’ button. Selecting this will automatically open the ‘Categories’ tab where it will prompt you to select the category you wish to save your receipt under, for example Travel Expenses.

Once you have selected the category for your receipt you can then photograph it automatically, using the in-built camera in your Smartphone or tablet. Once you have focused and taken the picture of your receipt, it will give you the option to ‘use or retake’. Once ‘use’ is selected you must now fill in relevant data regarding the receipt.

We have made these fields compulsory, as this data is enormously helpful if you are keeping track of numerous receipts.

It also gives you the chance to add a specific note. A great feature if you have a receipt that your accountant or HMRC might later question.

Once the data is entered simply click ‘save’ and your receipt is saved and can later be found within the category you selected to save the receipt under.

app receipts listExporting & Managing Receipts

To view, export and manage your receipts simply click ‘Manage Receipts’ then click on a specific category i.e. Travel Expenses and all those taken within that category are featured.

Exporting your receipts is simple, fast and easy. To export a single receipt simply click on the receipt to manage, then scroll down and you have 3 options – Email, Export or Delete

Exporting all receipts

To export all your receipt data, simply click ‘Manage Receipts’ then scroll down to the bottom, select ‘export all’ and this will allow you to select the date range of the receipts you wish to export.

The image of your receipt(s) is stored locally on your device, in your ‘photo’ section. To send these images, simply send by email when on a good wifi connection, use ‘photo-stream’ if an iOS product, or use the free and hugely popular tools such as drop box.

 

You can download the App completely free of charge using the links or QR code below:

Download the Accountancy Edge AppApple App-store

accoountancy edge on google play

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Time to make your director salary a little larger

moneySmall salary/big dividend

If you’re the shareholder and director or Company Secretary of your own limited company, then you probably already pay yourself a small director salary and take the rest of your income out of the company’s post-tax profits as dividends.

The director’s salary has historically been just enough to maintain their National Insurance Contributions record, without being enough to trigger an Income Tax or National Insurance liability. They’ve then been able to take dividends up to the higher rate tax threshold before triggering any personal tax liability.

The rise in the personal allowance from 6 April means that the amount each director-shareholder can take as salary will be getting a little bigger.

Increase in your personal allowance

The personal allowance will be increasing to £10,000. This is much higher than the Lower Earnings Limit for National Insurance purposes, where these salaries have previously been pegged.

Rather than waste that extra personal allowance, it makes sense to take the £10,000 as salary in the year-ended 5 April 2015, have your company save £2,000 in Corporation Tax due to that salary, and pay a small amount of National Insurance through PAYE.

Increase in your director’s salary

Most people with no other income apart from their salary and dividends would have been advised to draw £641 a month in 2013/2014. This goes up from 6 April to £833.33 a month.

Remember, that’s your gross salary, not the net. You’ll take home a little less.

Assuming you have the standard PAYE code for the year, your company will pay you a net amount of £812.89 a month.

It will also have to pay HMRC £20.44 of Class 1 National Insurance a month  (this can be paid quarterly).

Provided you don’t have other employees paid enough to trigger an Employer’s National Insurance Contribution, then the £23.51 of Employer’s NICs that would have been due, will be exempted by the £2,000 Employment Allowance.

Keeping HMRC informed

All salary payments would need to be processed through the company’s PAYE scheme and HMRC informed with a Real Time Information Return when each payment is made.

If you want the stress of running your monthly payroll taken away from you, then we can help.

Everybody’s circumstances are different. If you have other income sources or are a higher rate taxpayer, then get in touch to find the remuneration strategy that’s right for you.

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