Making Tax Digital Is Simple With Fujitsu ScanSnap Scanners
If you represent a business, you’ll be aware of HMRC’s Making Tax Digital policy. To recap, it’s 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 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 are now mandated to use the recently announced Making Tax Digital platform 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. 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 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.
Check out our comprehensive selection at www.ScanSnapit.com. Until 12 May anyone purchasing a ScanSnap iX1500 can claim a free ScanSnap iX100.
Why add scanners to your product portfolio?
Digital transformation has been around a while but it is only really just starting to come to the thinking and realisation of small and medium sized businesses who are looking at ways of becoming more efficient, working smarter and saving money.
There are several advantages to scanning documents and merging them with digitally born material, all of which can help open up a conversation with your customers around document scanners and the need for a dedicated scanning device.
Save Money – Document scanning eliminates the need to maintain paper based filing systems. This reduces the costs associated with filing, archiving and long term storage of paper records
Productivity Gains – Studies have shown that employees spend twenty percent of their day searching for information. Using document management software, users can access decision making information in seconds, saving time and improving productivity.
Collaboration – Many document scanning systems integrate with business applications allowing faster access and the ability to share information in real-time.
Easy organization – Electronic documents can be organized much faster, better, and more easily than paper documents. In addition, finding, viewing, and sharing electronic documents can be achieved with unprecedented speed and ease – instantly.
Smarter working – The proliferation of mobile technologies and the ability to scan and view directly to either smart devices, via a cloud service or via a network means more efficient ways of working can be adopted enabling you to build a business around your employees rather than the other way round. Costs could be saved for example in office space and office overheads should staff be based at home. Adopt a more proactive and forward thinking approach ready to embrace the challenges of operating and competing in the 21st century.
Free your Space – Space has become an expensive asset. Save time and money on expensive office relocations and free your space and make the paperless office dream a reality.
Disaster Recovery Planning – Would your customer’s business cope in the event of a fire or flood? Can they afford to lose those valuable documents if they are filed incorrectly after use? Document scanning allows them to keep a set of their records on cd or dvd in another location or office or in the cloud to reduce the risk of losing their valuable information to natural disasters.
Deterioration of Quality – When information is currently on paper there is a problem of deterioration of the original page. Paper can fade over time and be torn through excessive use. A scanned image will not fade or deteriorate
Efficient Retrieval – Enables access to important information from a desk. It can be shared through offices and other branches saving time and money on physical page retrievals, copying and faxing.
Legal Admissibility – General opinion is that scanned images are likely to be admissible in court, with the same weight as of evidence as photocopies which are considered as secondary evidence. There is a potential reduction in the weight of evidence if the authenticity of the copy is questioned (e.g. if a signature is being disputed).
Document and Records Retention – Records need to be retained not only for the purposes of business use, but also to meet legal and regulatory obligations such as for GDPR compliance. For example, in the UK, Acts like Sarbannes Oxley and The Companies Act 1985 (Section 221) requires companies to keep accounting records sufficient to give a “true and fair view of the state of the company’s affairs and to explain its transactions.” It also requires adequate precautions be taken against falsification of records and to discover any falsification that occurs.
Recent legislation directives are really becoming focussed on the virtues of operating a digital workplace, embracing mobility and collaboration.
Equally digitised and searchable content allows a public sector body to respond to Freedom of Information and Subject Access requests promptly and within permissible time limits.
Greener – Scanning is a paperless process, and often there is no environmental cost when documents are distributed electronically. If documents are scanned less paper is wasted, transport of documents is reduced and the amount of landfill used is reduced. Reducing paper, its transport and the amount of bleaches used in recycling benefits the environment.
Customer Satisfaction – Response times are reduced, information is available in seconds from a computer, remote locations and global business offices are connected and able to respond to customer needs faster and more efficiently.
Fujitsu are exhibiting at Accountex on 1-2 May at ExCeL, London, on Stand 1031.