Main Features

Terminology

Please Note: The global term 'Taxpayer' covers to all types of Taxpayer, including Businesses, Limited Companies and Individuals.

Features

• Fully MTD compliant 'VAT Return' and 'Income Tax 'Quarterly Update' export files.
• The software can be installed on a local computer or a Network Drive/Central File Server.
• Caters for MTD for Income Tax – Sole Traders and UK property rental businesses.
  Please Note: Due to changes to the information that is now required for Foreign Property Rental businesses, functionality for Foreign Properties is not included with the NJT software.
• Caters for Income Tax 'Quarterly Update' periods starting 1st April (Calendar) or 6th April (Standard), which is compliant with the new ‘Tax Year Basis’ legislation, effective from the 'Tax Year' 2024-25. HMRC refer to this as the 'Quarterly Period Type'.
  Please Note: The 'NJT Digital Records' & 'NJT Tax Return Demo' software is designed for Tax Years starting from 2025-26. The 'NJT Tax Return Manager' is designed for Tax Years starting from 2026-27.
• Caters for MTD for VAT – Sole Traders and Limited Companies, including the Flat Rate scheme.
• Caters for 'Accrual' and 'Cash' Accounting. Also caters for the 'Basic' & 'Cash' method under the Flat Rate scheme.
• Caters for VAT related Imports, either ‘Postponed VAT Accounting' (PVA) or where VAT is paid at the border (PAB).
• Provides an optional ‘Bank Feed’ facility to import Bank Statements.
• Provides an optional ‘Invoice Ledger’ facility to record separate Invoice, Receipt & Payment Digital Records, allowing subsequent Allocation (Matching Off). Note: This software is designed to capture Digital Records, it does not generate actual Invoices.
• Facility to Export Income Tax Quarterly ‘Income and Expense’ summaries (Quarterly Updates) for use with the NJT Bridging software.
• Facility to Export VAT Returns for use with the NJT Bridging software.
• Retains a full history of Digital Records and Bank Transactions (where used).
• Facility to amend, delete and search for Digital Records and Bank Transactions.
• Facility to check for new software versions automatically, then download and transfer data.
• Facility to backup and restore all data.
• Facility to Export Digital Records and Bank Transactions to CSV files.