Hot on the heels of its triumphs in the Practice Excellence Awards, TaxCalc has announced it will add spreadsheet, income tax and VAT filing functionality to its future MTD solution.
TaxCalc took home prizes for tax software, accounts production and best tax/accounting suite in AccountingWEB's software awards for its existing product family. But the company is not resting on its laurels and the new funtionality shows how the developer is beginning to respond to the two big trends looming over the practice software market: cloud computing and Making Tax Digital (MTD).
The spreadsheet import tool will be part of TaxCalc’s MTD solution to accompany its cloud-based record keeping software Cashbook and MTD Business Tax and Tax Return Production modules.
Users will be able to import data from spreadsheets into TaxCalc’s MTD Business Tax product, which acquires data from various bookkeeping systems. “Having done extensive consultation with our focus groups, we know that many practitioners set their clients up on spreadsheets to record their cash transactions, some of which may be quite elaborate,” explained Steve Checkley, commercial director at TaxCalc.
“We will provide sheets that can be copied into the practitioner’s spreadsheets. After being linked with the totals in the practitioner’s sheets, MTD Business Tax will then be able to take the spreadsheet and import all the relevant values. This meets HMRC’s requirement for data to be imported rather than typed into submission software.”
The new functionality will help clients who want to carry on using spreadsheets while allowing practitioners to make corrections or amendments. The resulting data can then be imported into MTD Business Tax, which will compile the quarterly submissions. “The majority of our customer base will have clients using practitioners’ own spreadsheets, so we think most of our customers will benefit from this approach,” added Checkley.
VAT Filer and income tax
TaxCalc has also confirmed that its VAT Filer solution will also be ready for the submission of VAT returns under MTD in 2019. Since HMRC accept that spreadsheets are digital records, the module will be updated to import data from a sheet to form a submission.
Both TaxCalc MTD Business Tax and TaxCalc VAT Filer will be able to import data from other sources such as Xero and QuickBooks.
Talking to AccountingWEB about other developments coming up in the next few months, Checkley added that TaxCalc will release other MTD products, including a new cloud solution: “We are in the process of releasing the MTD for SA APIs to put data into the current Self-Assessment tax returns. We have plans to release MTD Business Tax as close to the start of the next tax year and we are also working on a Cloud Cashbook product for firms whose clients want to start using their own cloud solution,” said Checkley.
He added: “Of course, HMRC revises their roadmap from time to time and the current APIs that enable submission are in beta. These too are subject to change right up until their release next year."