Taxcalc Filing UK Taxes Review
TaxCalc(opens in new tab), a stalwart in the field of tax software, has a history that dates back to the invention of personal computers in the 1980s. TaxCalc was once a Which? the product that was sold to Intuit in the early 2000s. The modern version of TaxCalc was created in 2005 after Acorah Software purchased the product TaxChecker and repurchased the name TaxCalc from Intuit. I am talking about Taxcalc Filing UK Taxes Review.
With more than 60,000 individual, company, and accounting practice customers, it is fairly well-liked in today’s world and receives approximately 1 million returns each year. The several tax preparation software options are FreshBooks, QuickBooks, Xero, Sage Business Cloud Accounting, Kashoo, Zoho Books, and Kashflow, in addition to TaxCalc.
Taxcalc Pricing
For the purposes of filing UK taxes, both personally and professionally, TaxCalc offers a number of options. The majority of customers will finish their returns using TaxCalc 2019 Individual(opens in new tab).
You can select an option on the TaxCalc website to create the setup you desire. You begin with the entry-level Individual package, which enables you to create up to six SA100 Individual tax returns for yourself and your family for the current tax year. Right now, it costs £32 on its own.
The Single SA900 Trust tax return and the Dividend Database add-on, which gives a database of dividends paid by FTSE350 and AIM 100 listed firms for the current tax year, are the next alternatives available for selection. Both cost £42 apiece. Taxcalc Filing UK Taxes Review
Another add-on that computes a future tax due for the following tax year and permits the construction of tax planning scenarios, is the £11.50 What If? A planner is also quite good.
There is neither a free tier nor a free trial, which is a serious drawback.
Taxcalc Features
The fact that TaxCalc is compatible with all desktop operating systems, including Windows 7 and later versions, Mac OS 10.11 and later versions, and even Linux (64-bit kernel 3.10 or later versions, Debian (e.g. Ubuntu) or Redhat distributions), demonstrates the program’s 1980s beginnings. Don’t expect to use this program to file your taxes on your smartphone, either, as there is no support for mobile apps. Additionally, rather than being cloud-based, the software is downloaded and installed on the computer. If your desktop is secure, this may have the benefit of providing a higher level of security. Taxcalc Filing UK Taxes Review
Almost all tax preparation software uses a method analogous to an interview with an accountant; information is entered via questions, and the program subsequently inserts the information into the relevant forms. The aggravating thing is that, unlike an accountant, many competing tax software packages might take some time as the user must navigate through numerous irrelevant panels to reach the handful that does. Data from previous years can be entered into TaxCalc to simplify the procedure. The user can then skip to the sections of a return that need to be completed using TaxCalc’s SimpleStep feature. Many users may finish a return in under 30 minutes thanks to this novel approach.
Erroneous data input is another issue with completing your own taxes, and no one wants to be contacted by the tax authorities and asked to explain a straightforward case of misentry. Thankfully, TaxCalc’s Check and Finish tool goes above and beyond to prevent this. This will review the tax return and let you know if any required entries are either missing or the outcome does not add up. Before uploading the return to the HRMC, the user is given the chance to correct these mistakes. Taxcalc Filing UK Taxes Review
TaxCalc has a straightforward user interface but can yet manage several more challenging tax scenarios. These range widely and include foreign income tax relief, capital gains tax, income from trusts, pension, and benefit income, and many sources of income. Even circumstances involving religious ministers, non-UK tax residence, and membership in Lloyd’s are covered. TaxCalc keeps track of the potential refund or tax payment along the way to show it instantly as entries are made and what effect they have on the overall tax burden.
Importantly, users can get assistance. It is unlimited and comes in the form of either email or telephone help.