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Tech insights

Tech insights: Business banking, exclusions and API fix

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24th Jan 2018
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Various issues with HMRC exclusions and APIs keep arising with just one week before the self assessment deadline. BTCSoftware and TaxCalc have shared useful information and on-demand updates.

Countingup launches business banking for sole traders

Accounting bank Countingup has launched a beta business current account for sole traders.

“Running a cloud accounting software company for nine years it was apparent to me that the bank statement is the ‘What’ i.e. the actual transactions happening in real time and accounting software is the ‘Why’ i.e. the interpretation of those bank transactions”, explained Tim Fouracre, Countingup founder and CEO.

“Our mission is to bring the ‘What’ and the ‘Why’ together so that your accounting records are created automatically, at the source, as you make purchases and receive income, rather than months down the line when you manually do the bookkeeping.”

BTCSoftware: New HMRC exclusions in current online self assessment filing

New and unanticipated HMRC exclusions are affecting the current online self assessment returns, BTCSoftware CEO Rob Ellis has warned.  HMRC’s technical fix will come after 31 January 2018 and has advised agents to file online and then pay what is due if the return is wrong.

HMRC will re-calculate the returns in error post-January 31st. For those computations that were incorrect, agents are expected to make up the shortfall but won’t be fined or charged interest.

TaxCalc’s on-demand fix

Last year, TaxCalc released an implementation of HMRC’s new Application Programming Interfaces (APIs), a facility that allows HMRC to receive data from different sources and feed them into the tax return.

The increased traffic during peak filing season has caused HMRC’s system to be down at times as well as issues with authenticating customers who had previously been verified.

To fix these issues, TaxCalc has released an on-demand update that can be requested by sending an email to TaxCalc’s support team.

ICPA: MTD, an update

Mark Purdue, tax product manager at Thomson Reuters, has answered key questions on the latest changes to Making Tax Digital. Purdue sheds light on topics such as the definition of “digital exclusion”, the reporting process, partnerships and key dates.

Purdue also provides practical tips on how accountants can prepare their clients for the MTD VAT rollout and the next steps to consider.

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