GoSimpleTax

AIA has teamed up with GoSimpleTax to provide a cost effective simple secure solution for digital recording giving accountants and other advisory practices a helping hand with the transition into the digital age. 

  • 14-day free limited trial, no credit card required
  • Low cost with no hidden charges
  • Partnership returns
  • Simple accountant’s dashboard

Exclusive Offer

Get GoSimpleBooks half price with the purchase of 10 Tax licenses.

About GoSimpleTax Limited

Our software is protected by the same 256 bit secure connections and systems used for online banking. We work closely with the FCA and HMRC and are innovated with our development.  We pride ourselves in ensuring the customer’s journey is simple but very effective for their business.

We have been developing software for 30 years and have 70,000 registered users. Our software has been developed to be Jargon free giving accountants and other advisory practices a helping hand with the transition into the digital recording. We are first in the innovation of HMRC’s vision to be able to calculate and submit from a mobile device direct to HMRC.  We are ISO 9001 accredited.

GoSimpleTax

GoSimpleTax is jargon free Cloud based software, it completes all schedules apart from Lloyd’s underwriters and Members of parliament. It calculates the tax liability on an ongoing basis giving peace of mind and then files the self-assessment return quickly and simply.

Recording ongoing income and expenses on desktop or via our mobile App, which allows for the scanning of receipts and invoices. GoSimpleTax also gives hints and tips on savings and applies them easily.  The software allows for multi returns and has a simple dashboard to access each client.   

About GoSimpleBooks

GoSimpleBooks is jargon free cloud based software, its features include;

    • Quotes
    • Invoicing
    • Income and expenses
    • Bank Reconciliation
    • VAT - Including digital submissions
    • All relevant reports

GoSimpleBooks has a management dashboard especially written for accountants. The dashboard allows for various functions to be performed including access the client's data as though they were logged in as the client user and control what the client can do.

Full transaction recording and adjustment processing can be used. Simple reports and a live trial balance are present to allow review of data and identify items for further query.

About GoSimpleVAT

GoSimpleVAT is MTD compliant VAT bridging/filing software that imports a VAT report from any spreadsheet or PDF.  Approved by HMRC and guaranteed to lead you to compliance. You can take advantage of our free 14-day trial (no credit card required) to see just how simple VAT filing through bridging software can be.

For just £240.00 per year (£60.00 per Qtr.) for unlimited clients and unlimited submission.

Discount to AIA Members

GoSimpleTax offer 25% discount on all software, to all AIA Members.

Simply follow any of the above links or click here to sign up to receive your discount code.

GoSimple Blog

VAT for Accountants - A Guide to Digital Records

Provided your clients are VAT-registered and have a taxable turnover above the threshold, you’ll be expected to assist in their MTD compliance. For the most part, you’ll need to help clients ensure that their VAT records are in a digital format. This will mean an end to any paper-based bookkeeping.

What VAT information must be stored digitally for MTD?

The VAT Notice 700/22 specifies that the following information must be kept, maintained and preserved in digital form:

1. Business name

2. Address of principle place of business

3. Supplies made by third party agents

4. VAT registration number

5. VAT accounting scheme used

6. Supplies made - including the time of supply (tax point), value of supply (net of VAT amount) and rate of VAT charged

7. Supplies received - including time of supply (tax point), value of supply (net of VAT amount) and value of input tax being claimed

The following information has more specific rules surrounding it:

1. Use of supplier statements 

HMRC will accept totals from supplier statements, rather than individual invoices - however their preference is the latter.

2. Petty cash transactions

Regarding petty cash transactions, businesses can record these as a total value and total VAT. This applies to individual purchases of less than £50 - subject to a maximum of £500 (including VAT) per entry.

3. Supplies received by third party agents

You only need to record the details once you receive the information from the agent. If this is sent as a summary, you can treat it as one invoice for record-keeping purposes.

4. Charity fundraising events

When it comes to charity fundraising events, record-keeping can be hard. HMRC will accept all supplies made recorded as a single transaction. The same applies to supplies received.

5. Reverse charge transactions

If your software records reverse charge transactions, you are not required to submit separate entries for supply and purchase. If your software does not record reverse charge transactions, you will need to record these twice - once as a supply made and once as a supply received.

6. Summary data

HMRC require the following summary data to be recorded:

      • Output tax owed on sales
      • Output owed on purchases from EU member states
      • Tax required to pay as a result of reverse charge rules
      • Input tax claimed on purchases
      • Input tax allowable on purchases from EU member states
      • Total VAT due, or refund claimed after all adjustments
      • Any adjustments required or allowed by the VAT rules 

7. Adjustments

If your client adjusts their VAT amount in line with existing VAT rules, they must log that adjustment within their chosen compatible software. There’s no obligation to log the calculations behind each adjustment, simply the total change to the VAT amount – however, storing calculations somewhere will assist against any future audits. The calculations you make using the HMRC tool can be stored however your client prefers.

8. Correcting Errors

You can correct errors that are not deliberate, below the reporting threshold of £10,000 or for an accounting period that concluded less than four years ago. However, it’s important to ensure that the correcting adjustment is recorded in the compatible software.

Everything not covered above can be stored either digitally or on paper. These include:

9. Flat Rate – Under this scheme, businesses don’t need to keep a digital record of purchases unless classed as capital expenditure goods (where input tax can be claimed). 

10. Retail – If your client accounts for VAT using a retail scheme, they must keep a digital record of their Daily Gross Takings (DGT). They aren’t required to keep a separate digital record of supplies that make up DGT – just the DGT itself.

11.Margin Schemes - You are not required to keep the calculation of the marginal VAT charged digitally. However, you will need to keep a record of the adjustment made to the VAT calculation digitally. You are still required to keep the normal records associated with Margin Schemes.

What’s important is that your client has complete understanding that while not all of the above requires logging into their MTD compliance software, refusing to include certain calculations will harm them in the face of an investigation.