Why it’s Important to Choose Accounting Software that is Making Tax Digital Compatible

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Digital accounting services had so much promise when we first heard about them,

but disparity between platforms, vital functions being left out, and none being

properly integrated with HMRC’s platforms meant that they were sometimes more

hassle than seemed worth it. Now, however, we’re in a place where digital services

can really flourish. Showcased at Accountex last year, BTC Software’s platform is up

and running with plenty of features to make VAT and taxation that little bit easier.

The service provides plenty of features self-assessment that make life a bit easier.

Being one of the first companies to get involved with MTD, BTC Software started with

a Self-Assessment API that allowed users to pre-populate tax returns with data held

by HMRC in their Digital Tax Accounts. The incredible time saving functions this

brought when cross-checking data proved to be invaluable with customers, and was

incredibly reliable as it was developed alongside HMRC’s Digital Team.

BTC Software are also heavily involved with the Governments plan for MTD, however

petitions from across the finance world led a delay in its introduction. The new plans

for MTD for Business currently stand at being introduced in 2020, seemingly side

lined in favour of MTD for VAT.

Digitising VAT is where the software really flourishes. It enables agents to validate

and submit data in MTD-compliant formats straight to HMRC at the touch of a button,

while also providing an easy way for agents to gather past MTD VAT return data,

making it easier to see what’s been happening with new clients historically, and keep

track of existing ones, all in one window. It’s also spreadsheet friendly, enabling

Accountants to keep existing data in a way they’re used to; BTC Software’s MTD

Solution also integrates with Xero, Quickbooks, FreeAgent an Reckon One through

their APIs to keep everything in one place. Amongst the slew of features, more thing

to mention is the super-fast online agent-client authorisation process that comes with

HMRC replacing the old 64-8 forms.

It’s easy to say that sometimes, the old ways are the best ways, and if it’s not

broken, why fix it, but with tax and VAT, the less paperwork has to be the best

option. Having everything laid out in front of you in an easy to follow way that

integrates perfectly with how you already work just makes sense, and that’s exactly

why BTC Software’s MTD solutions work.