Small business owners and self-employed individuals are increasingly turning to apps when they want accountancy and tax advice.
Newby Castleman, an independent firm based in Leicester, has seen its app shoot to the top of the global iPad finance category download list, even though it was only launched three weeks ago.
Marketing manager Raquel Lesta said the company was delighted that the app ranked ahead of names like CNN Money and said that not only does it highlight a growing trend for financial advice on the go, but also that the app is perfect for these changing times.
The app is available on both Android and iPhone and includes tax tables and tax calculators as well as advice on tax savings and business news.
A number of leading software companies have recently jumped on the free bookkeeping app bandwagon. Although these apps are not accredited by HMRC, they do meet its specifications.
These free mobile phone apps are designed for companies trading below the VAT threshold. They record income and expenditure and provide a running P&L balance. Construction industry subcontractors will find a facility to record CIS deductions and the self-employed can get an estimate of their tax liability to date based on income and expenditure.
The apps also provide links to HMRC advice and guidance and users can export their data to pass on to their accountant. Four out of the five apps currently listed on HMRC’s website are standalone apps; i.e. they don’t link with other software. However, as more companies enter the mobile finance app market, that situation is bound to change soon.
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Image: iPad by Yagan Kiely
