QuickBooks

The benefits of using QuickBooks are:

• Automatically organises your transactions into HMRC categories
• Accept Direct Debit with GoCardless for QuickBooks
• Track your Income, profit and taxes, with reports
• Get unlimited support with QuickBooks Assistant and email
• Showcase your business with personalised invoices
• Run your business anytime, anywhere, on any device

Making Tax Digital for business is a Government project that will put all your tax information together in one place. It will be one of the most significant reforms to the tax system in recent times, affecting all businesses with a turnover of more than £10,000.

The biggest change will be the replacement of the annual tax return with quarterly reporting set to be introduced in Spring 2019 (for VAT only) for small businesses with a turnover above the VAT threshold of £85,000.

A requirement for an annual reconciliation (finalising the tax position for the financial year) to be made no later than 10 months after the end of your accounting period, is also planned.

These plans are subject to change and based on current guidance from HMRC at July 2018.

The Government believe Making Tax Digital will provide:

• Accurate Tax information by replacing paper-based bookkeeping with digital tax accounts and will let you check that the information HMRC holds about you is 100% correct.
• Reduced errors – MTDs new reporting function will allow HMRC to look at accurate tax information almost immediately, reducing human error from data input.
• HMRC believes taxpayers will better understand how much tax is owed within the digital tax account – much like online banking.
• Making Tax Digital will make it easier for you to contact HMRC online via webchats and secure messages.