As you know, the UK Government has now made it mandatory to submit your tax return digitally to HMRC website directly and trying to abolish the system of paper submission of tax return. So, the tax payers need to look for an easy and affordable solution to it. Usually, the tax payers were investing a lot of money (around ₤3500 yearly for big firms and around ₤570 for small firms) for filing the tax return manually. They were investing in proper accounting software, IT systems upgrading, consulting with agents, accountancy fee etc to take care of their tax return process.
The UK Government is asking now all the individuals, companies, business men who comes under the tax payer category to submit their tax return digitally to HMRC website. You need to register and get your online tax account and then submit the tax return directly to HMRC website in the format approved by the HMRC. The research suggests that most of the firms or individuals are yet to start the process of MTD, so it is high time that we should now look for a solution to this problem.
What is Bridging Software?
Do we keep our business records as per the format approved by HMRC? Most of us will answer ‘NO’ here. As everyone has their own system or method of keeping the records of their business data. Some of you, might be using the spreadsheet, some may be using some custom-made software etc. And moreover, it may happen that we keep our records in different computing devices in different location. So, how are we going to compile all these data and put it in the format given by HMRC? It is again going to be a hectic and long process for most of us.
The solution to this problem is the Bridging Software. These software products are helping you to communicate with the HMRC website, so that you can easily file your tax return without any problem. It is giving you error-free and hassle-free solution for tax return submission to HMRC.
So, lot of companies and individuals are investing now on MTD Bridging Software and enjoying the easy and convenient digital solution for filing tax return. MTD Bridging Software is typically the cheapest option.
There are some Bridging Software that will offer you packages with different features. If you go for essential package, it may cost you around ₤7 for the first six months and then changes to ₤18 per month. If you go for the plus packages, it may cost you around ₤11 a month for first six months and then ₤27 per month.
Some packages are offering free service in the first year and then ₤30 to ₤75 a year. It definitely depends on the volume of your business and your requirement like number of users, using from various locations etc.
So, opt for the MTD Bridging Software that will be best, cheapest, hassle-free option for submitting your tax return digitally to HMRC.
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