HMRC Supports Tax Apps for Small Businesses

Software developers have introduced mobile applications for simple record keeping by small businesses. The majority of the apps are free and are targeted at SME’s below the VAT threshold of £77,000. The apps are designed to help SME’s to maintain their accounting records and to estimate their tax liability. The apps are available on iphone, Android and Windows phones only. 

For more details, please refer to the HMRC website:

http://www.hmrc.gov.uk/softwaredevelopers/mobile-apps/record-keeping.htm

A number of our clients, particularly contractors, have expressed an interest in using tax applications in order to facilitate their record keeping and should review the free apps that are available. Please note that whilst the apps will provide individuals with an estimate of their tax liability, they represent a simplified solution only and are unlikely to consider your personal circumstances or employ the necessary tax planning that you would receive from your accountant.