Interested to know - is there any personal tax software out there that will allow you to enter salary, dividends, rentals etc in a draft tax return, before the year end has passed?
I'm meeting clients now re 5 April 2022 tax year end. I want to get a draft of their income together to discuss with them. But Taxfiler won't allow a draft calc to be made because the year end hasn't passed yet.
I could key 95% of the information in right now for my clients and it would give me a good estimate as well as being there ready to finalise once the year end has passed, but it won't let me.
There's ways around it obviously - I just use a spreadsheet or scrap of paper to do the estimate, whatever.
But I find it a waste of time doing manual estimates for clients, then having to key the info to Taxfiler as soon as the year end has passed. Am I using the wrong software?
Thanks
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Most personal tax software allows you to complete draft computations by going into the 21/22 year and putting in the figures, usually a year in advance.
Previous post suggests that Taxfiler allows this as well: https://www.accountingweb.co.uk/any-answers/is-this-a-record-taxfiler-20...
Taxfiler will give you an estimate of the following year's tax liability when you run the tax computation.
Set up a 'dummy' client, play around with the figures and away you go.
TaxCalc has a WhatIf analysis based on last year's tax return but with the option to add all sorts of permutations. It's an add on to the main software though.
I use PTP and I make up names of clients-Mr Whatif, Mrs Whatif, Mr Blank etc and play around with them.