Self Assessment tax return season is here, with the deadline of 31 January 2020 coming soon. It’s common that tax returns get left until the last minute, and clients struggle to supply accountants with the necessary materials to get it done on time. This makes the season stressful, not only for small business owners but for accountants too.
Online software for a smooth process
Online accounting software like Bokio can make it much less painful to have everything in place, even if it’s at the last minute! Features like bank feeds, receipt capture apps and automated reporting offer a smooth way to get the figures you need to prepare a tax return.
Bokio’s CEO, Viktor Stensson, says “We know that filing a tax return at the last minute is stressful. In fact, finding ourselves in that situation was the inspiration for creating Bokio. We want to make it as easy as possible for you to do accounting, so that you can get your tax return done quickly and smoothly.”
Import transactions with bank feeds
Bank feeds allow users to automatically import transactions from your bank account into your accounting software. At Bokio, we offer this solution totally free. You can fetch transactions from up to 2 years in the past, so there’s no problem getting transactions from the beginning of the tax year. All you need to do is record them in the software.
Once bank feeds are set up, they will automatically fetch transactions going forward. So, you will be prepared for next year’s Self Assessment tax return submission. Bank feeds are a great way of keeping accounts in order as it makes it less likely any transactions will be missed.
Quickly capture receipts with an app
Keeping the correct documentation is really important in case the business is investigated by HMRC in the future.
Instead of a client giving you badly organised receipts in a shoebox or bundles in January, a receipt capture app is a simple way of clients sending receipts to their accountant and their cloud accounting software. Bokio offers a free receipt capture app which automatically sends pictures of your receipts to Bokio accounting software. This way, you can instantly receive materials from your clients. You can then attach these receipts to accounting transactions in just a few clicks.
Keep it simple with automated reporting
Bokio offers automated reporting, including a Profit and Loss report. Using this, you can transfer the final figures into a Self Assessment tax return. Automated reporting saves time, which is essential at a busy and stressful time of year. If the business has a turnover of over £85,000 and requires a breakdown of expenses, you can use the Profit and Loss report to make these calculations.
Beyond the tax return...
Regularly using an online accounting solution going forward can help reduce the stress around tax return deadlines.
Bokio is more than just a way to submit a Self Assessment tax return. The free bookkeeping software also offers invoicing and expense management tools, meaning all your accounting is kept in one place. Even better, Bokio is really simple to use, and is ideal for sole traders and small businesses.
If you're curious about giving Bokio a try to see how it can help you prepare a tax return and save you time, you can create a free account today in just a minute.
We're changing the world of accounting forever. Bokio is a smart solution that helps small businesses and sole traders grow their company and profits. Powered by AI, we will help you do your bookkeeping, create, send and track invoices, and file your VAT return - all for free.