Posted: 26 June 2025

New Product from TGM Software

TGM has acquired the rights to the Kingswood Accounts software for the UK.  

TGM has been selling Kingswood Accounts software for over 25 years, having now acquired the rights to the software, the new product will be known as Select Accounts.
New tax regulations come into force in April 2026. As well as UK farmers having to submit monthly or quarterly VAT returns, they will also be required to submit quarterly tax returns.  Using software such as Select Accounts will enable farmers to make these regulatory submissions easily.
Select Accounts is available in 3 different versions.

1.VAT only version – a spreadsheet type input.
2.Standard Version – users enter VAT invoices plus all bank statement entries
3.Enterprise version – users can allocate entries across different farm enterprises – sheep, beef, dairy for example

From April 2026, farmers must record not only VAT invoice details but all other details from their bank statement.  Many entries on a bank statement are not relevant for VAT, for example, bank interest, loan interest, wages, single farm payment, land rent etc.  These types of entries do not have a VAT invoice and do not get included in the sales and purchases totals on a VAT return.  Tax returns however do include such entries. The total sales and purchases therefore on a Tax return are different to the total sales and purchases on a VAT return.

The process of submitting a tax return from within Select Accounts will be very similar to submitting a VAT return. The software will look after totalling up the figures for each relevant tax code. The user will click to view an audit trail of the tax return transaction and then click to submit tax return.  George from TGM suggests that farmers should be talking to their accountants now about what to do from April 2026.  Do they want to pay their accountant to submit 5 tax returns per year, 4 quarterly and a final balancing one, or do they want to use their own software to submit the quarterly returns.

Select Accounts is designed specifically for farmers, using farmer friendly terms.  The support team at TGM has many years of experience in using the software while it was branded Kingswood Accounts. New systems are supplied with the code headings already set up to suit the farm type.
The release date for Select Accounts is expected to be 1st April 2025.  Select Accounts prices have been reduced, starting at £295 for the VAT only version with an annual fee from year 1 of £100 per year.
As a special offer to users of Select Sheepware, a 10% reduction is available off quoted prices. This offer will be valid until 30th June 2025.

Please get in touch with TGM at info@tgmsoftware.com or T: 028 9268 9681 to find out more.