Fintech first: To help small business owners prepare for HMRC’s incoming 2022 regulations, Countingup, the business current account and accounting app, launches digital VAT filing. It means that small business owners can now file tax returns directly from their business current account
London, UK 14 June 2021 – Countingup, the business current account and accounting software in one app, today announced its new VAT filing feature for customers and their accountants. The innovative fintech is taking the pain out of bookkeeping and taxes for thousands of small business owners by helping them get ready for Making Tax Digital (MTD) for VAT.
From 1st April 2022, all VAT-registered businesses will have to follow MTD rules. To the thousands of business owners who are used to manually keeping track of their records and submitting their accounts once a year, switching to quarterly digital tax filing will be a major adjustment.
Countingup offers a compelling solution. The app’s new digital tax filing service automatically calculates the VAT associated with each of a customer’s business transactions. Customers can save hours of time by instantly sharing their organised bookkeeping data with their accountant, who can review and submit the MTD VAT return via Countingup’s Accountant Hub HMRC recognised MTD software.
Countingup is the first business current account to offer built-in digital VAT filing on an accrual basis. For accountants working with Countingup customers, it means no more back-and-forth for missing information, re-authorisation requests, or dealing with data lags. They can access their clients’ live, structured financial data directly from Countingup’s web-based accounting software.
Tim Fouracre, CEO and Founder of Countingup, said: “MTD has the potential to create four-fold extra admin for small business owners and we want to make it simpler. We have built an unparalleled, seamless digital VAT filing service into Countingup to help small businesses gain valuable time back and focus on what they love and do best. This is a huge milestone for Countingup and the first step towards millions of VAT returns that will be submitted end-to-end using Countingup.”
Over 35,000 small business owners have benefited from Countingup’s all-in-one business current account designed to help them keep on top of their financial admin. The app encourages accurate bookkeeping by automating expense categorisation, sending nudges to scan receipts and invoice matching.
For more information on how accountants can use Countingup to manage their small business clients, visit Countingup.com/accountants
Founded in 2017 by Tim Fouracre, Countingup is the business current account with built-in accounting software. The two-in-one app simplifies bookkeeping and taxes, helping self-employed people save time and money. By creating one central location for their financial data, small business owners can easily keep an accurate record of receipts, invoices, statements and bills. With automatic expense categorisation, invoice matching and digital tax filings coming soon, Countingup aims to be the leading all-in-one financial tool for self-employed people. For more information, visit: https://countingup.com/ or contact Countingup: press@Countingup.com.