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Draw an extra £1,110 from your business, tax free
February 01, 2012 at 5:06 PM
Okay, so the snappy headline got you to open this blog, now we had better deliver on our promise. We’ll explain how we got to this figure and then show you a simple way that you can achieve this too, using a cool new service from Receipt Bank.
We’ve done some research into the expenses that business owners can legitimately claim back from their business and looked at how much of this total is actually claimed back on average. The difference is all those receipts that never picked up in the first place, get lost, forgotten, or the ones that you just can’t be bothered to enter into your accounting system. And the difference adds up.
We looked at a number of small businesses and measured the amount that they claimed in expenses in the year before they started working with Wow, compared to the amount they claimed in our first year of working together. The difference was £1,110 on average. The other BIG difference that helped these small business owners claim this extra £1,110 per year was Receipt Bank.
Click here to find out more about Receipt Bank
Receipt Bank makes claiming your expenses easy peasy. It converts those annoying bits of paper - receipts and invoices - into data that is automatically uploaded into your accounts package. It integrates seamlessly with Xero and other online accounting packages, such as FreeAgent and KashFlow.
Here’s how easy it is to get your expenses into Receipt Bank:
- Post – Pop all your paper receipts into the Receipt Bank envelope and send it freepost for them to process.
- Receipt Bank App – You don’t even need to pick up the receipt with this clever tool. Simply take a picture of it on your iPhone and 5 days later it can appear in Xero. Magic!
- E-mail – If you receive electronic receipts and invoices, simply forward them onto Receipt Bank. Easy peasy.
- Dropbox – Simply drop your receipts in here and Receipt Bank will do the rest.
Once Receipt Bank has your receipts, they’ll safely store them so you can view them electronically whenever you want, they’ll extract the important data and send it to wherever you need it, e.g. direct to your accounting system, or to a spreadsheet for you to use however you want. The upshot is a potential additional £1,110 being able to be drawn from your business, tax free.
Here’s how that £1,110 broke down when we did our research (the figures below are averages)
- Subsistence - £575: Examples include coffee shop receipts, restaurant bills, receipts for sandwiches & drinks bought when out in-between meetings.
- Travel - £308: Common culprits here were missed taxi receipts, train tickets, parking receipts – they all add up.
- Other expenses - £227: Examples include online subscriptions, online purchases, incidental postage costs.
The future is here now: Click here for a FREE TRIAL of Receipt Bank
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