One of HM Revenue & Customs' (HMRC's) aims is to make it as easy as possible for customers to get their record keeping right and ensure they file and pay correctly and on time. Keeping regular and accurate records will help small and medium sized enterprises (SMEs) with turnover below the VAT threshold, and/or customers claiming Universal Credit, file and pay the correct amount.
To meet this aim, HMRC has worked with the software industry to establish a catalogue of smart phone applications to help small businesses with their record keeping.
A number of software companies have developed mobile record keeping applications, some of which are free, that meet HMRC specifications. These can be found here.
From April 2013 the Government has announced the introduction of a couple of simpler income tax measures for small businesses. From the 2013/14 tax year, self employed individuals or partnerships carrying on the smallest trading businesses will be able to choose to be taxed on the ‘cash basis’.
All unincorporated businesses will also be able to use flat-rate ‘simplified expenses’ for any or all of their expenses covering their:
HMRC has again worked with the software industry on additional mobile/desktop applications/software to support these new measures. These can be found here.
Any software developers interested in developing products to help small businesses with their record keeping, should contact the HMRC Software Developers Support Team at SDS team for technical specifications and to register an interest.