Self employed , anyone using the 1tap accounting app

[Wack61]

I know there's a few self employed people on here, I was searching through accounting options when I came across this ,

You photograph a receipt, it sorts it into a category then you can bin the receipt, apparently HMRC wants all businesses to be in "the cloud" within 6 years.

My worry is it seems to be completely free , I can't see how they make money

Anyone using it or something similar

A review here

http://www.accountingweb.co.uk/tax/personal-tax/receipt-bank-launches-1tap-quarterly-tax-app

 

[conaero]

I hope it does, keeping all that paper is a PITA plus the ink off those till receipts seems to do a Lord Lucan after about 2 years.

With everything on Debit card these days, surely it can send an E-reciept direct from the contact payment straight into your bank account and cross over into your accounts package and do it all for you?

 

[Wack61]

I can see this causing a few to get caught out, if that diesel receipt is for your van how come the photo shows a car seat with a woman's leg in the background

I can see why HMRC would want it all online though, much easier to check than sending a guy out

For my 1st 3 years 90-93 I rented a van so always paid vat yr 4 I bought one so claimed back, they were round like a shot , he was going through my receipts, I've found a discrepancy

Eh where

This cafe receipt , you've claimed the vat but they're not registered , if i find another like that we'll have to do a full investigation , it was £3.50 , vat was 53p

Luckily I hadn't done them out of any more 50p's so a full investigation was avoided

 

[campagnolo]

Concur? https://www.concur.com/

[I work for SAP, Concur's parent company. I'm not in sales]

 

[Felonious Crud]

I use Expensify. It's much cleverer than I am, saves lots of time each month and beats the **** out of hoarding receipts. I don't believe hmrc still mandates the retention of physical receipts - as lots of my receipts arrive by email it seems daft to have to then print them!

 

[StuartW]

The HMRC require you to retain receipts for 6 years and upon any investigation, we either scan & email original receipts or email e-receipts on behalf of our clients

 

[Felonious Crud]

The HMRC require you to retain receipts for 6 years and upon any investigation, we either scan & email original receipts or email e-receipts on behalf of our clients

Not necessarily stored as originals though Stuart, or must you validate that you have seen and confirm the existence of originals ? We keep them electronically and chuck the originals now. Changed the policy just in the last few months after checking with our accountants.

 

[StuartW]

If that's what your accountant says then I say go with that. It seems to be the common sense approach and most accountants are so risk adverse, I doubt there'll be any issue

 

[D Walker]

I will be in trouble then as I have no originals. All mine are scanned and then emailed. Then I chuck them. Have done for 5 years nearly.