You may be tempted to find free software solutions to comply with Making Tax Digital and whilst these may exist, we would issue a word of caution.
Our concerns would be around potential issues relating to the performance and functionality of such software especially in terms of complying with the requirements of Making Tax Digital.
Whilst you may be happy to share your personal data on free messaging and social media sites, such as Facebook and Instagram, are you happy to share your accounting data and financial information on a free software platform?
We would suggest that anyone considering using free software looks into the financial security and protection relating to their financial records and data transfer.
Consideration also needs to be given to training and support – often free software comes with little of either. A situation which all too often we find leads to poor quality accounting records especially at year-end, which can lead to extra time and effort by your professional advisers and fees as they seek to remedy the situation.
We would strongly recommend those who are looking at accounting software take appropriate professional advice. There are a number of well-established accounting software solutions including Xero, QuickBooks Online and Sage 50 which provide affordable tried and tested solutions.