Why should recording Expenses interest you?
Recording Expenses accurately can significantly impact the profitability of your business and thereby influence the amount of tax that you pay.
Whilst your Accountant can take account of the expenses that you give them, they cannot unfortunately do anything about the information that you don’t give them.
Most taxes including Self-Assessment and VAT are calculated based on your income and your costs. Failure to record Expenses properly means that you may not be recording all your costs, thereby over-reporting your profit and thereby paying too much tax.
What are the Issues?
Although obtaining an Expense Receipt from a Supplier is relatively straight forward, it is a lot more challenging storing these important documents so that they can be referenced by your Accountant and the relevant Tax Authorities.
How does the Rhino Small Business help?
Recording Expenses could not be easier using your phone.
You simply select the Expense Type, enter the Expense Amount and finally take a photograph of the Expense Receipt.
The Expense Receipt is safely stored in the Rhino Cloud as an Electronic Document or image that can be referenced instead of a paper document.
The Most Frequently Asked Question.
The most frequently asked question is “Are Electronic Documents Acceptable to the Tax Authorities and my Accountant? The quick answer is YES and they have been for over 15 years in the UK. In addition to being easier to store, Electronic Documents also have another key advantage, they don’t fade.
Boost your Income
Many small businesses need to purchase materials for work carried out for on behalf of their customers. In a busy world, Expense Receipts can often be filed in someone’s back pocket or jacket pocket or the glove compartment or dashboard of their vehicle.
Getting Expense Receipts back to the office is another challenge If your staff spend most of their time out of the office working with customer.
Your Books are automatically Prepared
Many Small Business Owners talk about spending evenings and weekends getting everything ready for their Accountant. By providing your Accountant with access to Rhino, they can automatically browse the Expense Receipts that you logged and you will no longer need to ‘prepare’ your books.
VAT & Tax Returns
Rhino will submit your VAT Return and also your Self-Assessment Tax Returns.