So what’s the right digital tax software for your business? Below are some handy guidlines to help you make your decison.
Digital Tax Software
In the last Spring statement the Government said it will not extend Making Tax Digital (MTD) to income taxes and corporation taxes, which isn’t quite delivering on its promise in its 2015 Budget to ‘end the tax return,’ as we know it. Despite this, since 1st April, businesses are required to start submitting their VAT digitally. But with so many accounting software providers constantly claiming to be the latest and best on the market, how do you know what’s the best one for your business?
Is the digital tax software HMRC compliant?
If the software isn’t HMRC compliant then you won’t be able to file your return so check that it is clearly stated on the software provider’s website or marketing literature or check the HMRC approved list of providers. When registering for MTD you will be required to link your software to HMRC and give authority for your software to transmit the data to HMRC.
Is the digital tax software easy to navigate?
Some programmes are much easier to use than others so request a trial first to ensure it suits your business or technology experience. Programmes like Quickbooks and Zero are easy to use but are also great at drilling down and finding data and transactions quickly, saving huge amounts of time when compiling end of year reports or VAT submissions. You can also easily scan via your phone and attach purchase orders, receipts or expenses – which is useful when trying to find historical evidence behind certain transactions.
Does the digital tax software have on demand support?