Using Open Banking to track VAT owed
FreshBooks is an online invoicing and accounting software designed for self-employed professionals and small business owners and their teams. It is really easy to use, especially for non-tech, non-accounting users.
FreshBooks' HMRC-approved Making Tax Digital software for VAT, aimed at simplifying the VAT return process for small businesses. With the feature, FreshBooks gives users the ability to calculate their quarterly VAT returns and file directly with HMRC.
What's the open banking use case?
Connect a bank and credit cards to auto-import transactions, and avoid manual entry mistakes. Then organize and categorize transactions with Bank Reconciliation to be ready for tax time. FreshBooks is Open Banking and PSD-2 compliant in the UK and Europe.