Frequently asked questions

Frequently asked questions

Frequently asked questions

We’re asked all sorts of questions by our clients and here are some of them, ranging from VAT to working from home.

Can I scan my receipts into my accounting software ?

There are many receipt scanning apps available that integrate with the main accounts software; one of the most commonly used apps is ReceiptBank. All you have to do is take a picture of the receipt/invoice and the software will pick up the key information and then categorise this in to your accounts software, whilst saving a copy of the picture as a PDF within the software. This then means you are free to throw away all of those pieces of paper to reduce clutter and reduces the need to send a box full of paperwork to your accountant!

As part of our finance function offering, we offer this service and can advise you further.

Do I charge on VAT on EU sales?

When selling goods to VAT-registered EU customers, 0% VAT is charged – make sure  you capture the customer VAT number on your invoice.  Also remember to complete your EC sales list and keep proof of export.  If your customer is not VAT registered you will need to charge VAT and keep an eye on the VAT registration limits on each country. For services, the place of supply rules apply and VAT is not normally chargeable. We can advise on all VAT matters and how they apply to your business.

Can I claim tax relief for working from home?

If you work more than 25 hours each month from home, you can use flat rates to offset your income. These are simplified expenses and it’s worth calculating what they’re worth to you vs your actual expenses incurred to determine which method gives you more tax relief.

What’s the max earning before paying higher rate tax?

Taxpayers are entitled to an annual tax-free personal allowance of £12,500, then taxed on their income up to £50k at the basic rate of 20%, then higher rate of 40% on income up to £150k. Above this level of earnings, the additional rate of 45% applies. There are ways to reduce your taxable income, such as qualifying pension contributions and gift aiding. There are also other forms of earnings with their own tax-free allowances which are worth exploring.

Please contact us to find out how we can help your business thrive.