Best PracticesLast updated: 08 Jun 2020
This app aims to make your bookkeeping easy and have your tax return always ready to submit. Soon, you will be required to submit a tax return every three months, so you will benefit from keeping your accounts up to date. The easy way to do that is to get into the habit of entering your income and expenses regularly. Some users use a day-book for their income, then enter it into the app weekly and their expenses as soon as they incur them.
Best Practise - Enter your income and expenses into the app daily.
Thermal receipts (usually issued at filling stations) don’t retain the print on them; when you pile them up to look at them months later, they are blank, or impossible to read. If you need to provide them to HMRC, they are not only blank; they’re worthless. Remember, you need to keep receipts for seven years. In certain circumstances, HMRC can go back twenty years in the event of a Tax Intervention.
A useful feature of the app allows you to snap-n-store your receipts, from within an expense entry. So you need never worry about losing a receipt, or not being able to read it.
Best practise - Snap-n-store every receipt, loan agreement, insurance schedule – everything.