Making Tax Digital Is Simple With Fujitsu ScanSnap Scanners
HMRC’s Making Tax Digital policy is a plan to ensure every business and individual has access to their own digital tax account. As of April 2019 businesses operating above the VAT threshold of £85k will have to use this system to digitally keep their VAT records and file their VAT returns using MTD compatible software.
If they’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?
It’s important to know that businesses are now mandated to use the recently announced Making Tax Digital platform to meet their VAT obligations.
If end users are running a small business with a turnover below the VAT threshold, they can choose to use the system but they won’t have to. The deadline has been extended.
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 Fujitsu ScanSnap scanner comes into play.
Fujitsu ScanSnap scanners
Scanning documents is a simple and effective way to ensure all the documentation needed for VAT and tax returns is stored securely in one place and is easily accessible for their 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 uploaded and route it directly to the users preferred cloud service, so there’s no need to even boot up their PC.
End users can rest assured everything they need is held securely online and all in one place, making it easy to submit their VAT and online tax return when the time comes. It’s organised, effective document-keeping – ideal for businesses large and small.