Since the initial compliant software was announced in early August (MTD for ITSA – The software race begins), several more software houses have also received the accolade of being compliant, all of which can be used by both the business or the agent.
123 Sheets
This solution targets those reluctant to let go of spreadsheets and also offers bridging software.
It works by inserting their worksheet into a current spreadsheet and then uploading it to their website. There is also an option to export from Sage and Quickbooks to then upload to HMRC. Once submissions have been completed, the user will receive a tax estimate from HMRC based on the information provided.
Pricing starts at around £20 per business, but the accountant plan allows bulk licensing giving large discounts- starting from just £4 per license if 10 are purchased.
Free Agent
The submissions made to HMRC with regards to self-employment will be embedded in the existing product, meaning any current users will benefit from the news that they have been added to the list of compliant software.
Free Agent have also developed a landlord specific software which is built specifically for those clients who earn income from property.
It’s important to note here not to forget that businesses who bank with RBS or Natwest can have a license free of charge as part of their banking agreement.
Sage
Although there are no plans to make a landlord specific product, Sage have been developing their MTD for ITSA for some time and it’s a cloud-based product.
Alongside these developments, they have created an interface which helps accountants group their clients and tag them to have one clear list that is organised. They will also have the ability to filter it which will be beneficial to practitioners when communicating the changes to clients.
Sage are offering a free MTD consultation with practices which can be found on their website.
Pricing for Sage varies; however they have recently announced a more transparent system for discounts based on ‘points’.
Vital Tax
The website for Vital Tax is light on information, but it concentrates purely on MTD for both VAT and ITSA.
This is another bridging solution, and judging by its VAT solution, can be used with any user-defined excel spreadsheet. Therefore, it doesn’t need an end user to manipulate their data into a specific template.
It is possible to start using Vital Tax now, free of charge which will give practices enough time to adapt before the mandatory deadline.
As with most software at this stage, it is difficult to find a demo of it in action due to some HMRC guidance still being outstanding.
Currently by being a compliant software with HMRC, it means the connection is ready to go, however, software vendors are still waiting to know exactly what data needs to be transmitted.
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