SimpleTax launches in the UK to take the pain out of self assessment tax returns
I thought I would post this since I know there are a few EduGeek's that have their own small businesses. :)
Website: SimpleTax (via The Next Web)
Freelancers can rejoice, not because the tax season is upon us, but because there is a company launching its service in the UK that wants to make the process easier.
SimpleTax streamlines the UK self-assessment process with its online service, and it is recognised by HMRC so it will even file your return for you.
“SimpleTax was created with the needs of the UK taxpayers in mind,” said Celso Pinto, CEO of SimpleTax. “We have been analyzing the UK tax processes over the past year to develop a service that relieves the stress customers experience around tax season, while also saving time and money. SimpleTax is a culmination of this research and we’re excited to get it in front of taxpayers in time for the January 31 deadline.”
The plain language and automation should simply tax returns be taking some of the complicated classifications out of the equation. “If users spend £1,700 on a computer then we take care of everything else so they don’t need to know that a computer goes into office equipment and is eligible for the annual investment allowance which is a capital expense,” Pinto told The Next Web. “It also can be used on something like the licence for software like PhotoShop. The user puts this in and we take care of the fact it goes into office equipment but that it’s not a capital expense.”
The process is automated, which brings expenses down considerably. SimpleTax software sorts through your input rather than having an accountant go through everything who would in turn require payment.
The automation process also helps those who sort out their tax returns through the year. “Whenever you change something on your tax return all the calculations are updated in real-time,” says Pinto. “Say you have an invoice from a customer you can see immediately what impact that has on your tax return. Through the year this is really cool, you can split an expense to see what the result will be.”
SimpleTax is similar to TurboTax in the US. When the service launched in Portugal, one in five self-employed taxpayers took it up and on average they saved around £250 per return.