Self Assessment Software

[Kev1]

Hi everyone,

Can anyone recommend relatively easy to use self assessment software for sole trader individuals?

Thanks

 

[elaine@cheapaccounting]

register on line at HMRC and use that - it's free

 

[MyAccountantOnline]

Hi everyone,

Can anyone recommend relatively easy to use self assessment software for sole trader individuals?

Thanks

Hi Kev

If you dont want to use HMRC's free offering I can recommend this - http://taxcalc.com/products/2010/personal_home.php

As accountants we use the full blown version and I'd be hard pressed to fault it in any way.

 

[robindunne]

Hi Kev

If you dont want to use HMRC's free offering I can recommend this - http://taxcalc.com/products/2010/personal_home.php

As accountants we use the full blown version and I'd be hard pressed to fault it in any way.

I second this. Taxcalc really are excellent.

 

[MyAccountantOnline]

I second this. Taxcalc really are excellent.

Thanks Robin - its definately a very popular package with us accountants for good reason

 

[Scalloway]

I use Ftax and find it very straightforward.

https://www.ftax.co.uk/index.php?ac...tpl=productPage&package_group=Individual_2010

 

[leemason]

I've used Taxcalc for a few years and it's really good.

 

[Andrew @ PLA]

Hi Kev.

Welcome to the forums. I submit SATR's through the HMRC website ..... free and easy to use.

Good luck with whatever software to go with.

 

[Kev1]

Hi

Thankyou all very much for your advise. I will look at these.

 

[Tax Specialist]

Hi,

I've used the professional version of both TaxCalc and F/Tax and much
prefer the former, so I agree with the other respondents that TaxCalc
is a great product.

Incidentally, are you able to complete the Balance Sheet parts of the
SA Return ? If not, I suggest you enlist the services of an accountant
who produces a Balance Sheet, since HMRC are more likely to accept
your profit calculation if you can produce a Trial Balance and attach
that to your SA Return.

Best Wishes,

Tax Specialist

 

[MyAccountantOnline]

.....HMRC are more likely to accept your profit calculation if you can produce a Trial Balance and attach that to your SA Return.

Could you explain that please?

I've never seen any legislation that states this.

I wouldnt ever attach a TB to a tax return.

 

[elaine@cheapaccounting]

since HMRC are more likely to accept
your profit calculation if you can produce a Trial Balance and attach
that to your SA Return.

Best Wishes,

Tax Specialist

??? on what basis is the comment made please. I would love to see your evidence for this statement. A TB attached to a SA? Really.

How many do this please?

Less is best!

 

[Tax Specialist]

Hi,

What I actually meant was that the Balance Sheet of the SA Return needs to be completed, and for that one needs a TB. If the balance sheet is left blank HMRC will assume that the submitter is incapable of preparing one and therefore has no financial controls in place. It is also generally considered advisable to attach a copy of the full business accounts to the Tax Return since doing so may help rebut HMRC 'discovery' claims later.
TaxCalc and other software allows the business accounts to be attached in pdf format for this purpose.

 

[elaine@cheapaccounting]

Hi,

What I actually meant was that the Balance Sheet of the SA Return needs to be completed, and for that one needs a TB. If the balance sheet is left blank HMRC will assume that the submitter is incapable of preparing one and therefore has no financial controls in place. It is also generally considered advisable to attach a copy of the full business accounts to the Tax Return since doing so may help rebut HMRC 'discovery' claims later.
TaxCalc and other software allows the business accounts to be attached in pdf format for this purpose.

Some rather swiping statements there. Can you back these up please with your SPECIFIC experiences to help the readers of the posts. Just so they know what is actually FACT.

 

[robindunne]

Hi,

What I actually meant was that the Balance Sheet of the SA Return needs to be completed, and for that one needs a TB. If the balance sheet is left blank HMRC will assume that the submitter is incapable of preparing one and therefore has no financial controls in place. It is also generally considered advisable to attach a copy of the full business accounts to the Tax Return since doing so may help rebut HMRC 'discovery' claims later.
TaxCalc and other software allows the business accounts to be attached in pdf format for this purpose.

No it doesn't. (sorry to be so blunt, but that deserves a blunt reply)

It would be completely impractical for the SA clients I have to file a balance sheet. How can a cleaner, childminder, window cleaner etc... file a balanace sheet when they don't have any assets? Why in the world would HMRC expect them to file a BS when their income is so small?

If they need "financial controls" and their income level merits any kind of attention from HMRC then they should not file business income under SA. A completely different business formation (eg. Ltd company) would be appropriate.

Please don't scaremonger the people reading these comments, there is no need to pay an accountant a small fortune for preparation of financial statements when it is just not necessary.

 

[MyAccountantOnline]

Please don't scaremonger the people reading these comments, there is no need to pay an accountant a small fortune for preparation of financial statements when it is just not necessary.

Well said - I echo that comment

 

[Tax Specialist]

Hi,

Very interesting. I assist a number of accountants in rebutting HMRC tax
investiations, and it is not true to say window cleaners, childminders etc have no assets for a Balance Sheet. Surely they have a business vehicle,
cash in hand, cash at bank, stock of materials, debtors & creditors just like any larger business ? Please bear in mind that traders are now expected to prepare accounts on an earning basis, whether they like it or not.

If you do not agree, just try writing on your Tax Return that the accounts have been prepared on the cash basis and see what happens !

Best wishes,

Tax Specialist

 

[robindunne]

Hi,

Very interesting. I assist a number of accountants in rebutting HMRC tax
investiations, and it is not true to say window cleaners, childminders etc have no assets for a Balance Sheet. Surely they have a business vehicle,
cash in hand, cash at bank, stock of materials, debtors & creditors just like any larger business ? Please bear in mind that traders are now expected to prepare accounts on an earning basis, whether they like it or not.

If you do not agree, just try writing on your Tax Return that the accounts have been prepared on the cash basis and see what happens !

Best wishes,

Tax Specialist

Is this a wind up?

You should know full well that any "assets" a sold trader uses in the course of business are usually personal ones on which an allowable cost is placed according to business use.

Are you seriously suggesting that a sole trader should capitalise baby gates and ladders? or should their home be on the balance sheet because they use it to write up their books?

Again, pure scaremongering without any reference to a tax authority.

 

[MyAccountantOnline]

Hi,

If the balance sheet is left blank HMRC will assume that the submitter is incapable of preparing one and therefore has no financial controls in place.

As a ''Tax Specialist'' please would you give us all here on the forum evidence of your above statement.

 

[elaine@cheapaccounting]

Hi,

Very interesting. I assist a number of accountants in rebutting HMRC tax
investiations, and it is not true to say window cleaners, childminders etc have no assets for a Balance Sheet. Surely they have a business vehicle,
cash in hand, cash at bank, stock of materials, debtors & creditors just like any larger business ? Please bear in mind that traders are now expected to prepare accounts on an earning basis, whether they like it or not.

If you do not agree, just try writing on your Tax Return that the accounts have been prepared on the cash basis and see what happens !

Best wishes,

Tax Specialist

It has been the case for a number of years that accounts are prepared on an accruals basis - in fact more years that I care to remember!!!

However just because that is the case does not mean that a balance sheet is necessary not does the absence of one mean that:

"the submitter is incapable of preparing one and therefore has no financial controls in place"

Whilst I am not trying to pick an argument here I am completely failing to see the basis for your comments.

 

[Basement_Studios_Ltd]

lol.... just getting back to the original software.

We use Thomsons Digita Software, cost £1,200 per year; but I believe it saves around 6 hours a week for me as i'm only a small firm and saving time costs in increased efficiency does help!

Accounts > Practice Management > Tax everything works together. Loving it!!

 

[MyAccountantOnline]

lol.... just getting back to the original software.

We use Thomsons Digita Software, cost £1,200 per year; but I believe it saves around 6 hours a week for me as i'm only a small firm and saving time costs in increased efficiency does help!

Accounts > Practice Management > Tax everything works together. Loving it!!

As super as Digita is, with all due respect, it's not at all appropriate for the OP who asked ''Can anyone recommend relatively easy to use self assessment software for sole trader individuals?''

 

[E Storey]

Could the OP not use excel?

I've been known to use it for my most basic clients, it's simple, it works, data can easily be passed to other bookkeepers/accountants and it's a package the client already has and is familiar with using?

[I'll go dive for cover right now shall I?]

 

[MyAccountantOnline]

Could the OP not use excel?

I've been known to use it for my most basic clients, it's simple, it works, data can easily be passed to other bookkeepers/accountants and it's a package the client already has and is familiar with using?

[I'll go dive for cover right now shall I?]

What the OP was asking for was software to do a Self Assessment tax return, so Excel wouldnt really be any help. The best option as Elaine said is HMRC's free software and second is buying something like TaxCalc for an individual which is just under £25.

 

[elaine@cheapaccounting]

Cor blimey - all the software options coming out of the wood work.

Tax doesn't have to be taxing

 

[MyAccountantOnline]

Cor blimey - all the software options coming out of the wood work.

Tax doesn't have to be taxing

Prices from zero to £1,200

 

[E Storey]

Yeah - I probably should have said - it does have a template on it!

My excel totals each category into the ones required for SATC.

Key on date, name, type of transaction, SA category, amount and a description, and it totals it all up for you.

 

[MyAccountantOnline]

Yeah - I probably should have said - it does have a template on it!

My excel totals each category into the ones required for SATC.

Key on date, name, type of transaction, SA category, amount and a description, and it totals it all up for you.

I see but that really only summarises the business income/expenses into the SATR headings, like a lot of accounts software packages do, it still leaves a lot to be done to actually complete the tax return.

My opinion - for one tax return by a soletrader your best bet is just to use the free HMRC software.

 

[Tom Egerton]

Hi,

Very interesting. I assist a number of accountants in rebutting HMRC tax
investiations, and it is not true to say window cleaners, childminders etc have no assets for a Balance Sheet. Surely they have a business vehicle,
cash in hand, cash at bank, stock of materials, debtors & creditors just like any larger business ? Please bear in mind that traders are now expected to prepare accounts on an earning basis, whether they like it or not.

If you do not agree, just try writing on your Tax Return that the accounts have been prepared on the cash basis and see what happens !

Best wishes,



Tax Specialist

Sounds like a case of the blind leading the blind.