Intuit’s QuickBooks has been updated with a collection of new features aimed at helping users navigate their tax affairs as the Brexit transition period ends. The refresh follows on from QuickBooks recently launched Self Assessment tool, which appeared in beta form during October.
Many self-employed workers and sole traders have had to claim COVID-19 support grants including the Self-Employed Income Support Scheme, so the new features reflect the changing tax landscape for them. Users can see their income tax and National Insurance contributions estimated in real-time by pulling in information from their existing QuickBooks Online accounts.
Self-employed individuals will therefore be able to get a clearer indication of what is owed in terms of tax, while the new functionality also delivers an overview of VAT and Construction Industry Scheme (CIS) figures. Small businesses with payroll to factor in will also be catered for according to Intuit.
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The update adds more convenience too, with QuickBooks now able to categorize deductible and non-deductible expenses, alongside any VAT and CIS returns and payments. Intuit says that a Fixed Asset Register feature will also be added in due course, reflecting the way that the Self Assessment tool is being constantly developed.
Self Assessment
Crucially, users of the Self Assessment feature in QuickBooks will be able to stay on top of HMRC’s Making Tax Digital (MTD) vision. The digital initiative is set to be a requirement for those with income tax matters to deal with by April of 2023.
HMRC VAT tax codes are also due to change next year and Intuit reports that QuickBooks users will have theirs updated automatically without needing any manual intervention.
On top of that, Intuit has now integrated GoCardless into the QuickBooks app, which lets businesses manage their direct debit payments automatically. A limited offer that runs from 1 December 2020 to 29 January 2021 delivers up to £100 in savings if customers decide to activate the GoCardless feature.
Spencer Jensen, Head of Product at Intuit QuickBooks UK, said: “Self Assessment can always be a time-consuming and complex process and, given the challenges small businesses have experienced this year, we wanted to help them get prepared and remove as much stress from the process as possible.
Our Self Assessment tool is specifically designed to make completing a tax return easier, using intuitive technology to arm applicants with the information they need to submit their return with confidence.”
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