With the introduction of Making Tax Digital, it is as vital as ever for businesses to keep up to date with HMRC’s new regulations. Although MTD has led to a major overhaul in how and when we submit our VAT Returns, it has also opened up fantastic opportunities for time-saving, affordability and convenience. Read on for some top reasons to start using VAT bridging software today!
1. Save yourself time
Since VAT Returns must be submitted every three months, the amount of time spent on dealing with your tax obligations can really start to add up – especially if you need to contact an accountant or send documents. However, VAT bridging software offers a brilliant way to speed up your quarterly VAT Return process, completing your submission in three easy steps.
2. Stay independent
The great thing is that bridging software allows you to make a VAT Return by yourself. As such, there's no need to rely on anyone else to file your tax for you. You don’t need to make any calls, write emails, or contact a third party such as an accountant – you simply upload the necessary details straight to the automated platform and let it do its magic!
3. HMRC compliance
AbraTax, our simple and affordable bridging software, is HMRC-recognised and MTD-compliant, meaning that it is up to date with HMRC’s Making Tax Digital systems and regulations. Through our easy-to-use dashboard, we help you to upload your Excel data straight into HMRC’s system. Rest assured: if there are any changes to the system, we will take care of them on your behalf!
4. Real-time updates
As soon as you have submitted your Tax Return through the bridging software, you will receive an email confirmation as well as an official receipt ID from HMRC. Unlike more traditional methods for controlling your finances, bridging software offers an affordable and instant process with real-time access to your data. Fulfil your tax obligations with peace of mind!
5. Convenience
Bridging software ensures maximal convenience, as it offers a way to link your digital financial records with HMRC’s system. With AbraTax, you simply have to add our premade and downloadable Excel template to your existing spreadsheet, and you’re good to go! No hassle and no major changes to your bookkeeping needed.
6. Cost-efficiency
HMRC stipulates three ways to submit a VAT Return. However, unless you have set your business up with the VAT Annual Accounting Scheme, there are only two available options: either through an agent (e.g. an accountant) or through MTD software (e.g. HMRC-recognised bridging software).
Regarding the first option, we all know that employing an accountant or other agent to take care of your tax can be a costly affair. On the other hand, choosing bridging software such as AbraTax is a much more cost-effective solution, beginning as low as only £8 per month.
7. Scalability
VAT bridging software can accommodate the needs of businesses of all sizes: from organising a sole trader’s side hustle to managing multiple large-scale enterprises, we can help you co-ordinate your tax operations! At AbraTax, scaling up is extremely affordable, and allows the flexibility to add multiple VAT registrations and users – all from within your dashboard.
8. Accessibility
Since VAT bridging software is a cloud-based service, it means you can access your VAT Returns data from a wide range of devices and locations – whether you be on the go or relaxing at home. AbraTax is compatible with all the popular operating systems, allowing you to view your dashboard or even submit a new VAT Return from your desktop, laptop or mobile phone at any time.
9. Support & resources
As an online service, it is common for HMRC-recognised bridging software providers to offer remote support, as well as guides to help you complete your VAT Return. On the AbraTax website, there are handy step-by-step videos demonstrating how to connect your VAT registration and how to submit your tax. As well as our video guides, there are answers to a range of frequently asked questions. In the event that you have any more queries, though, you can always get in touch with our support team.
10. Free trials
Some VAT bridging software providers, such as AbraTax, offer a free trial to test their service and see if it’s for you. With this in mind, it seems like a no-brainer to set up your account and give it a go! If you find our service useful, then you simply carry on in three months’ time with our quick and easy system. In any case, you have nothing to lose!
If you found this week's article helpful, why not check out our blog or sign up for AbraTax today?