TAS believes that Book-Keeper – released on Friday this week – is the only small-business accounting software currently on the market with a feature to track payments arising from IR35. The software provides users with a report on relevant tax and NICs arising from the controversial measures.
While the Inland Revenue has stated that it isn’t necessary to change accounting and payroll systems, employers will have only two weeks from 5 April 2001 to identify the relevant income, perform the necessary calculation and pay at least an estimated amount of additional Income Tax and National Insurance.
IR35, which will strip many freelancers working through their own companies of previously held tax advantages, came into effect at the start of the tax year in April. Critics estimate it could cost IT contractors about a quarter of their net income in extra tax.
But it has given TAS a good opportunity to expand further in the small-business market where it has had so much success with Book-keeper.
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