BrandWatch: Fast route to accurate tax planning

Our latest BrandWatch feature takes a look at Absolute Accounting Software’s tax calculator apps.

There are four apps, which have been created by tax expert and lecturer Tim Good.

And they were developed in response to the complications and errors that have arisen from the recent changes to dividend and interest rules.

Problems with tax

Further changes in company cars, landlords, Scottish taxpayers and corporation tax have also created more problems with tax calculations.

While HMRC brought in these changes, in some instances their own tax software is calculating the respective taxes incorrectly.

So when HMRC send their coding to accounting software suppliers for them to use on their own software, these mistakes are then replicated.

So much for MTD

To overcome this, HMRC have extended their exclusions list, so anyone needing to file returns, which include the above changes, can only do so by paper and not online (so much for Making Tax Digital!).

However, the Absolute Taxpert apps calculate the correct tax and are even used by HMRC to refine the SA calculator.

Accurate, flexible and quick tax calculations

Tim and his team at Absolute have developed four Excel-based Apps.

Not only will these give you and your clients an accurate tax calculation, they have the inbuilt flexibility to let you show a range of financial scenarios so your clients can choose which options best suit their circumstances.

Using both 2017/18 and 2018/19 tax rates Absolute’s Taxpert Apps include:

  • Taxpert Tax Calculator – allows you to work out clients’ tax, NIC and net income calculations, including new calculations for landlords and Scottish taxpayers.
  • Taxpert Profit Extractor – shows your clients how much salary, dividends or interest they can take out of their businesses.
  • Taxpert Incorporation – details the financial consequences of being a sole trader versus a limited company.
  • Taxpert Company Car Planner – helps you consider all the purchasing options when it comes to the provision of cars used in the business.

The screenshot, above, shows the Taxpert Calculator app in action – Absolute recommend you check to see if your software calculates the tax correctly based on the income figures shown….

The apps cost £99 + VAT each. However, buy two or more apps and the second and subsequent App purchases will cost £50* + VAT per app.

For more information visit taxpert or call the Absolute team on 01869 255797.

If you’d like to feature in BrandWatch, drop me a line at [email protected]

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About the Author

Ian Moss

Ian Moss is the Editor of Accounting Insight News. He's been a journalist since leaving university and has worked for the Daily Mirror and Financial Times, among other media groups. Likes running, guitar, golf, dog-walking.

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