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Making Tax Digital Is Simple With Fujitsu ScanSnap Scanners
If you represent a business, you might already be aware of HMRC’s Making Tax Digital scheme. This is a plan to ensure every business and individual has access to their own digital tax account. By April 2019 – a deadline that’s just a short time away – businesses operating above the VAT threshold will have to use this system to digitally keep their VAT records and file their VAT returns using MTD compatible software.
If you’re used to dealing with paper, this can sound like a daunting proposition. Fortunately, Fujitsu’s cutting-edge scanner hardware and the ScanSnap Cloud are the ideal solution for HMRC’s Making Tax Digital plans. Read on to find out more…
What exactly is Making Tax Digital?
If it’s not something you’re already thinking about, it’s important to know that businesses will be mandated to use the Making Tax Digital platform by April 2019 to meet their VAT obligations.
If you’re running a small business with a turnover below the VAT threshold, you can choose to use the system but you won’t have to. At least not before April 2019.
Going digital with taxes not only simplifies and streamlines the tax return process, it also improves its accuracy. There are, increasingly, software and hardware products to make all of this simpler – some of which already send information directly to HMRC. As a dealer, try asking your customers:
– When do you start figuring our tax payments?
– How long does processing everything required to calculate taxes take?
– Is there always a mad rush before the deadline?
Going digital, and embracing better habits now, will help process information and meet deadlines in a way that allows businesses to remain calm and ensure everything is ready well ahead of time. The best and most efficient way to process documents is with a scanning device which can digitise and organise data in a very short space of time. Scanners are a growing market for dealers, boasting benefits such as:
Saving money and space
Scanners negate the need for paper-based filing systems, which saves cash as well as opening up plenty of office space.
Workers have no need to dig around for exact document they need, wasting precious working hours, if that data is already digitised and just a few clicks away.
Benefits of the online portal
So what are the benefits? Well, apart from the end of the dreaded tax return, this change means users won’t have to give HMRC information it already has access to – such as from employers, banks and other government departments.
It also enables people and businesses to keep an eye on their tax in real time. No more waiting till the end of the financial year – or longer – to find out how much tax is owed to HMRC or due in repayments.
Just as with online banking, with Making Tax Digital, businesses will be able to access a comprehensive online account. Digital record-keeping software will be linked directly to HMRC systems enabling people to send and receive information using the software – and that’s where your Fujitsu ScanSnap scanner comes into play.
Fujitsu ScanSnap scanners
Scanning documents is a simple and effective way to ensure all the documentation you need for your VAT and tax returns is stored securely in one place and is easily accessible for your online accounts.
ScanSnap Scanners from Fujitsu enable everything from printed receipts to invoices and even parking or train tickets can be quickly and simply scanned in. ScanSnap Cloud will even identify the type of content you upload and route it directly to your preferred cloud service, so there’s no need to even boot up your PC.
You can rest assured everything you need is held securely online and all in one place, making it easy to submit your VAT and online tax return when the time comes. It’s organised, effective document-keeping – ideal for businesses large and small.
Looking for a Fujitsu ScanSnap scanner? Check out our comprehensive selection.