Self-assessment deadline is on the 31st January, failure to pay means a £100 fine
The time is here again, and some business leaders may be motivated by the fact that HMRC collected £87 million in fines last year, with 870,000 businesses failing to submit their tax return on time.
These digital options highlighted by CBR could offer substantial pain relief for tackling one of the least exciting milestones of the year.
Who knows, you might even find you quite enjoy establishing some order with a technological helping hand. You don’t even need a computer in some cases; in the modern world a mobile phone and an app can do the trick.
TaxCalc
Tax Calc Tax Return Production is used by over 7000 firms in the preparation and filing of Individual, Partnership, Corporation Tax and Trust Returns. The software offers two modes, one for handling direct HRMC forms, and a second called SimpleStep mode.
According to TaxCalc, SimpleStep mode ‘takes the form of a giant questionnaire that gathers information about your client’s circumstances and, based upon the answers you provide, only asks you for data that is pertinent to their tax return’.
The software then allows you to alternate between these two modes and monitor the progress of the return.
TaxCalc offers a service called TaxCalc Client Hub which provides complementary practice management tools that are designed to improve the experience of using the TaxCalc software. The software is built around clients, tasks, mail merge and reports. SimpleStep workflows then guide you and your staff through comprehensive processes.
This tool for managing the software does not require an additional charge.
The software is suitable for standalone use, and it is also suitable for multi-staff offices at one or more locations. This multi-location capability functions using a central database to store and coordinate all practice data in the office.
The software also does not require a dedicated server. The process requires one computer on the network to hold the database and the TaxCalc software conducts the rest. TaxCalc is capable of working on Windows 10, and Apple Macs.
FreeAgent
Trusted by over 50,000 businesses, FreeAgent provides UK online accounting software made specifically for freelancers, small business owners and their accountants.
FreeAgent’s online accounting software brings together invoices and expense management, VAT, payroll and Self Assessment tax return filing. FreeAgent also claims to make expense tracking more simple by incorporating a feature involving taking a picture of a receipt using a smartphone and uploading it directly. The software also lets you set up recurring invoices that can send themselves automatically, allowing automated reminders for late-paying clients.
Sole traders and limited liability company directors can submit their tax return straight to HMRC from within the software, with FreeAgent calculating your Self Assessment liability as you work throughout the year. A dashboard view is also supplied by the software.
The pricing appears to broadly match that of similar competition, and includes categories of Sole Trader, Partnership and Limited Company: costing £19, £24 and £29 respectively.
Sage One Start
Accounting software giant Sage offers Sage One Start as a simple tool designed to manage your money in and out of your business.
Billed as online accounting software for sole traders, Sage offers 24/7 support in addition to enhanced reporting, automated bank feeds and contact management.
If you are VAT registered, Sage One Start allows you to submit your VAT return online, directly to HMRC. A real plus point of using Sage One Start is the free app which comes with subscription.
The app, for Apple devices, allows you to create and send invoices, record your business
transactions & performance at any time from your smart device.
For those businesses that deal with multi-currency transactions, Sage One Accounting is the advised option, while Sage One Payroll is ideal for those wanting software to pay employees.
Sage Record Keeper provides a feature so that when you estimate the current year’s tax you can also refer back to previous years, and you can also store unlimited previous tax years. Balances can be viewed monthly, and you can drill down to transaction level.
GoSimpleTax
GoSimpleTax presents its services as a ‘taxation lifeline’. The promise made to customers is to equip ‘even a complete novice with the tools to file their tax return like a seasoned professional’.
Everything is done online, which means no software to install, although GoSimpleTax does fall down against the like of Sage as it only offer support until 10pm five days a week.
The software runs hundreds of error checks and double-checks your tax return as you go, ensuring there are no mistakes or possible fines in the future.
There are two versions of SimpleTax available. If you want to complete one return, then it is £18. If you need to complete up to 5 returns, the price increases to £25.
At the end of the process a HMRC‘s IRMark confirmation will be delivered to your inbox.
Abc Self Assessment
ABC Self Assessment Ltd. was founded in 2013 by a team of software developers and offers an intuitive and clutter-free way to submit tax returns. The software is meant to be used by individuals doing their own returns, rather than accountants or other financial professionals.
The company first offered a product recognised by HMRC in 2014, and have been involved with HMRC and other providers of this service to work on ideas. Abc Self Assessment have said that they are involved in a new initiative that targets making tax digital.
ABC SA100 is the name of the software which is specifically aimed at individuals.
It is a piece of software that you install on your computer to allow you to submit cases to the HMRC.
It has the same questions as the HMRC paper and online forms, and according to Abc Self Assessment, the layout of the information is closely comparable to that on the HMRC form.
