One of the many things that used to frustrate me when filing my tax return was having to answer the same questions year after year.
Smart Sync aims to solve this...
TAXO'D is designed to work seamlessly across multiple years. So even though you may be using TAXO'D to record transactions for the current year, it's extremely likely that you're still catching up on last years tax return too.
There are two parts to your TAXO'D tax profile, the first part can only be completed in the current tax year and the 2nd part just after the tax year has ended.
Depending on which year you choose to complete your TAXO'D Tax Profile, SmartSync aims to carry some of the most common questions & your answers forward (or backwards) depending on when you answer the questions.
Lets take a look-see!
Answer Current Tax Year First
If you initially complete Part 1 of your TAXO'D Tax Profile in the current tax year, then specific questions will be carried back to the previous tax year (if you still need to file a return for that year, that is). Likewise, specific questions will be carried forward, ready for the new tax year.
Answer Previous Tax Year First
If you complete your TAXO'D Tax Profile first in the previous tax year, then your answers will be carried forward to the current tax year ..and ready for the tax year after that.
Here's how these rules are applied:
Your answers to certain questions are copied across all years: as they will never change. Unless of course, you made a mistake entering them in the first place.
National Insurance Number
Date of birth
Unique Tax Reference (UTR)
Business start date
Date your accounts are made up to
If you did indeed make an error and update your answers they will update and override across all years.
Secondary questions are as follows:
These are questions which rarely change year after year, but may. For example, if you get married or move offices you will possibly have to change your name or business address. Your answers to these questions will carry over to future tax years but won't change previous years.