January 14, 2020
— PRESS RELEASE
FOR IMMEDIATE RELEASE
Bath & Swansea based software house release VAT Bridging Tool
New and Affordable Bridging Software Set to Enable Submission of VAT Returns from Spreadsheets
BATH (January 10th, 2020) – Businesses that do their accounts on spreadsheet can now submit their VAT Returns in compliance with Making Tax Digital (MTD), simply and cheaply, using The Tax Kit VAT Bridging Tool.
MTD is HMRC’s initiative to transform tax administration by requiring all records to be digital - i.e. on computer. Starting with VAT, MTD is to be applied across all areas of tax.
Under MTD business owners can no longer type their VAT Return figures into the HMRC portal. From now on, VAT returns must be submitted to HMRC digitally. This means that those who keep their accounts on spreadsheet and don’t want to buy an expensive piece of software, will need to submit their VAT Return via bridging software.
It sounds complex, but it isn’t. Business owners just need to:
• Plug the Tax Kit Bridging Tool into their account’s spreadsheet,
• Link the relevant cells
• Submit their VAT return via the Bridging Tool in compliance with MTD.
It’s as simple as that. All that is required is a little initial work to register for MTD for VAT with HMRC and register with The Tax Kit’s application – and that’s it.
Business Consultant, Nichole Campbell, Web Application Developer, Robert Redman and Accountant, Steve Ryland are behind the software. When asked what prompted the idea, CFO Ryland explained: “We wanted to create software for businesses that don’t want and don’t need the unnecessary cost and complexity of accounting software to comply with the HMRC’s new MTD rules to submit their VAT Returns. Using our Bridging Tool, they can still submit their VAT Return from their spreadsheets and comply with the new rules, simply and cheaply.”
Co-founder and CEO, Nichole Campbell, added: “Smaller companies often get given overly complex and expensive solutions that they don't need or want. The whole ethos of our company is to make products which are simple, effective and genuinely good value for money. We are excited that our first piece of software is available and are looking forward to developing new applications throughout 2020.”
The Tax Kit is available for a small, fixed subscription fee of £30 annually for up to three businesses and £5 each for additional businesses (prices exclude VAT). For further information or to register for The Tax Kit, visit: thetaxkit.co.uk.
Media contact: Nichole Campbell
Email: [email protected]