Digital tax - what software to use?

[997s]

Hi,

I've been told that I'm in the threshold of the new digital tax rollout and looking for recommendations of the software solution to use.

To give you some idea, I'm self employed consultant plus a landlord with a long term rental property and another used with Airbnb.

I currently use a bespoke platform for invoicing my consultancy work and just use the rental agent and Airbnb statements on my annual return income plus tot up my expenses for the balance.

My wife is 50:50 on the properties.

I've had a search on what solutions are available, but it all seems a bit of a nightmare to find somthing that fits my needs.

Any ideas?

[Mark V GTD]

Do you use an accountant to submit your tax returns?

[997s]

Currently, yes.

[Mark V GTD]

Have a chat with him/her.

I did the same this afternoon with mine and he told me that no software is needed and just submit the normal format of MS income and expenses spreadsheets that I send to him at the end of the year. Or I can send them to him and he will submit to HMRC quarterly.

He was of the opinion that this is just a monitoring thing and that he will still have to do a normal tax return anyway. He told me that each submission needs to be cumulative so the first one is first three months, the second one is six months etc.

[Mr Pointy]

There's a thread on MTD here:

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Taxcalc is what I will probably use, but I only use the bridging software:

https://kb.taxcalc.com/index.php?View=entry&En...

[Puzzles]

Bridging software is possible if you don't want to sign up to a monthly software sub.

[Mr Pointy]

Mark V GTD said:

He told me that each submission needs to be cumulative so the first one is first three months, the second one is six months etc.

Are you sure that is correct? I don't think the software I've looked at works that way: it seems to submit a quarter at time, but I might be wrong.

[Mark V GTD]

This was exactly what my chartered accountant told me today. He said people giving advice they some special software is required is basically a scam. The tax you owe is still calculated on the normal end of year submission and these new quarterly submissions only require info on income and expenses as they are essentially only monitoring you rather than using it to determine tax obligation.

Maybe special software is required if you don't already have an accountant on board. He told me I could just send the spreadsheets to HMRC myself but I said no and that I would prefer all interaction with them to be via him.

Having a Google myself that appears to corroborate the above - the 'special software' is something that my accountant will use for the end of year submission. All very confusing in any case!

Edited by Mark V GTD on Wednesday 11th March 20:25

[Puzzles]

The likes of xero, sage, quick books etc are desperate to sign even the smallest businesses up to another monthly subscription