Sage wants to help UK small businesses deal with changing tax rules

Date:
Thu, 31 Oct 2024 13:46:00 +0000

Description:
Sage has committed to bringing free MTD-compliant accounting software to 2.8 million more taxpayers in the UK.

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Hot on the heels of the UKs latest budget announcement under the new Labour leadership, accounting giant Sage has launched a free tool to help customers get to grips with the changes.

Sage Accounting Individual Free has been made available to help sole traders and landlords prepare for upcoming digital tax regulations that they will
have to comply with from 2026.

The upcoming Making Tax Digital for Income Tax legislation will affect around 2.8 million sole traders and landlords earning more than 20,000 across the nation. Sage prepares for upcoming MTD legislation

With the expansion of the governments digital tax legislation to more types
of workers, digital record keeping will be mandated. Sages solution targets those who currently rely on paper-based tracking with an easy-to-use system thats available on the web and mobile.

Neal Watkins, EVP for Small Business at Sage, indicated that many existing tools can be time-consuming, affecting small businesses abilities to focus on generating income. He added: Our goal is to help small businesses and sole traders thrive by providing them with the tools and advice to succeed and
make it easier for the smallest businesses to join the digital economy.

Sages MTD solution allows users to capture, categorize and organize incoming and outgoing money for free, but they can also choose to upgrade to more comprehensive systems for more advanced financial monitoring.

Exchequer Secretary to the Treasury James Murray said that MTD systems help
to reduce errors, thus making the tax system more efficient. Murray added: It is fantastic to see industry leaders working with us to modernise the tax system by delivering free software for tens of thousands of UK businesses.

The company has committed to making this free system a reality for sole traders and landlords up and down the UK, but no launch date has been
provided yet. More from TechRadar Pro Sage unveils Copilot, SMB tools to help boost productivity for all businesses Check out the best accounting software for UK small businesses Weve listed the best personal finance software



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Link to news story: https://www.techradar.com/pro/sage-wants-to-help-uk-small-businesses-deal-with -changing-tax-rules


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