Making Tax Digital
Making Tax Digital (MTD) for Income Tax is a UK Government system that changes how Sole Traders and Landlords report their income and expenses to HMRC. It is becoming mandatory to keep electronic records of business and property transactions using appropriate software. Instead of a single annual return, summary updates have to be sent quarterly to HMRC.
Maxim Money is an obvious choice for keeping records, as that's what it does natively. And now, if you run a small business you can send the relevant information to HMRC directly from the application.
UK users of Maxim Money should now see a new tab in Settings:
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If you have signed up to Making Tax Digital, then if you enter your National Insurance number in settings and click Connect, it will open up your web browser on the HMRC website, requesting permission to connect:
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Once you sign in (with your Government Gateway) and authorise Maxim Money, when you return to the application you should see a new icon in the Main toolbar:
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Clicking on this icon will bring up a form for the business:
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Here you can configure what information should be sent to HMRC, and you can review the information before sending.
One big advantage in using Maxim Money for HMRC is that you can use all your own categorisation, rather than being forced to use something you don't like. You also get to keep all your data offline, and only send the required summary information to HMRC.
Bug Fixes
- Improved handling of errors within error dialog