Different software packages will vary in the functionality they offer, but APARI’s ‘Making Tax Digital’ software offers all the following benefits:
Keep digital records
APARI software will allow you to add individual income expenses or even upload bank statements or spreadsheets of transactions, which will be automatically allocated into income and expenses.
If any of the transactions you upload aren’t relevant to your property income, you can review these and remove them.
Sign up for MTD
You can sign up for MTD easily via the HMRC website. Once you have done this, you can use your Government Gateway ID to send information securely from APARI to HMRC.
Receive reminders about key dates
APARI software will send you reminders on when you need to complete quarterly or annual submissions. There will also be reminders for other key dates like your insurance renewals or tenancy periods.
Submit your tax information to HMRC directly from APARI
APARI software automatically prepares the summaries that HMRC need under MTD. You will be able to review the information that has been prepared, and once you are happy with the data, you can simply press submit.
The software then automatically connects to HMRC and submits the information for you, with immediate confirmation from HMRC. You get real-time estimates of your tax bill, so you can see how much you will owe by the end of the year, thus avoiding any surprises.
At the end of the year, you will need to declare that you have passed on all the correct information to HMRC and pay your tax bill.
With an APARI Premium account, you will also be able to access the in-house accounting to guide you through the process.