By Daniel Hunter
The software industry, after consultation with HM Revenue and Customs (HMRC), is producing simple record keeping mobile apps for small businesses.
The apps, which are mostly free, complement existing HMRC record-keeping guidance and tools. They aim to help small businesses and the self-employed who are below the VAT threshold – £77,000 maintain good records and estimate what their tax liability might be.
“These apps help take forward our commitment to tax transparency in a very direct and practical way,” David Gauke, Exchequer Secretary, said.
“They can help SMEs feel more confident about their record-keeping and provide a direct link to the business’s finances, freeing up time which can be better spent on the day-to-day running of the business.”
Naomi Ferguson, Director Business Customer & Strategy, HMRC, said:
“More and more small businesses use Smart phones as part of their business. These apps will provide the opportunity to keep track of records on the go, wherever business people are. Record-keeping is often an add-on to day-to-day running of small businesses and the apps will hopefully help to make it an integral part of the business.
“We are really excited to see the arrival of the record-keeping mobile apps. The consultation with the software industry has been a positive process and has led to a number of high quality apps being available. We welcomed the opportunity to work with them to help customers with their record-keeping responsibilities and access our guidance.”
HMRC worked with the Business Application Software Developer Association (BASDA) and independent developers to facilitate the development of the record-keeping apps.
The apps are part of an ongoing campaign beginning in 2012/13 to help small businesses with their record-keeping obligations.
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