Her Majestyâ€™s Revenue and Customs department have been working with the software industry to recommend simple record keeping applications for small businesses and the self-employed with revenue below the VAT threshold – Â£77,000 , to help them maintain good records and estimate what their tax liability might be.
â€œThese apps help take forward our commitment to tax transparency in a very direct and practical way. They can help SMEs feel more confident about their record-keeping and provide a direct link to the businessâ€™s finances, freeing up time which can be better spent on the day-to-day running of the businessâ€, David Gauke, Exchequer Secretary, said.
Naomi Ferguson, Director Business Customer & Strategy, HMRC, said:
â€œMore 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.
â€œWe 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.â€
The government produced a list of apps, including Money Box, a Windows Phone application useful for simple record keeping.
The app features up to four money boxes can be pined as a Live Tile to the start screen. Within the Live Tile the current amount is displayed.
The list can be seen here.