jobmate Ltd, the Midlands-based business management SaaS (software as a service) software provider, has launched an app to help small businesses and the self-employed prepare for changes to tax submission regulations, due to take effect from April 6th, 2023.
From this date, all self-employed business owners with a taxable income above £10,000 will have to comply with the Government’s new Making Tax Digital (MTD) regulations and submit digital records for all business income and expenses. Current methods of data storage and tax submission, which are not digital, will not comply and will not be accepted by HMRC.
Current Government analysis highlights the potential problems and barriers to compliance for the small business community. In a statement supporting the Lloyds Bank 2020 Transformation Tech Report, Minister for Digital and Culture, Caroline Dineage said: “Digital upskilling is essential to safeguard jobs and businesses in the short term.” And she went on to say, “46% of micro-businesses are prioritising investment in digital.”
“This is the general thinking which underpins the bespoke design and digital functionality of jobmate.” Says jobmate CEO Chris Dalton. “Our app is designed specifically for the self-employed and small business owner to digitally manage and store all business records and data in one place. This means all information can easily be accessed and retrieved, which not only ensures compliance with the forthcoming new digital data rules but also saves time and makes admin’ easier.”
Dalton further explains that the app is designed for use on a mobile device or desktop to prepare quotes, control stock, speed invoicing and keep customer records and expense details – typical information required when preparing a digital tax submission.
Chris Dalton adds: “We are more than confident that jobmate is the perfect solution to help traders and the self-employed, in all professions, benefit from the advantages of digitalisation and prepare for the new digital record-keeping regulations which are coming our way.”