Taxes are always one of the most difficult things to handle regardless of whether you’re running an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have the funds to engage an accountant doing it on your own could be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do ?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can assist you. Although this is quite an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need today.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Uk
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all the sales channels you use to make sure you’re in compliance with your sales taxes. It streamlines processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by online business owners to make their business more neat and simple. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to make sure you have a tax accounting system perfectly integrates with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. This means that there is no requirement to collect information from multiple sources and then organize it on a single platform. All you need to do is to integrate TaxJar it will take care of all the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to submit their sales tax by hand or using TaxJar’s AutoFile feature. For this review, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns TaxJar will train you on how to manage these. However, it will be up to you and your team to complete the process within the timeframe. TaxJar is only there to provide guidance on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything is automated, from calculating sales taxes through recording, and then processing them. There could be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your team will have access to everything you need, such as a list of your transactions, reports and the data.
The greatest benefit of this option is the fact that they allow you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated however, they can also help you track when your following payments are due.
The dashboard allows users to view in detail the overall sales taxes for your business. It is also possible to export your data in a CSV file, if you want to use it for your process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. That means you won’t have to hunt for your paperwork when you’re in a pinch. Even even if you already have an accounting firm, the feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll know better how much budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform but for anything related to sales tax. You can look through their webinars, guides and blog for more information. In addition, their sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance in filing and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller company proprietor, then this program should be perfect for you. It may not offer all the features offered by TaxJar, but it has the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration tools.
If you’re looking to get a bit more than just the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up by adding custom features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to opt for the Premium plan instead. It has all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as API integrationsfor team members, and AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan will cost you. TaxJar Uk
However, they did mention that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to risk your money to see if this platform is for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to see whether the service is an excellent fit for you.
Pros and Pros and
We’ve covered everything you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you must try TaxJar.
Not only can it aid in tracking your revenue and products It can assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they offer the Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Using TaxJar can help you save more time while keeping track of every deadline and requirement you have to meet. If you live in a region with a lot of tax regulations, this will definitely help you get your mind around it. TaxJar Uk
However, if managing your taxes is simple, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the whole process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ TaxJar Uk
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it to USUSD before TaxJar will calculate the tax.