QuickBooks Takes the Stress Out of Tax Returns With Expansion of Self Assessment
- 14.12.2020 08:20 am
Intuit QuickBooks, the UK’s leading financial management platform, announces new features in its recently launched Self Assessment tool, arming small businesses (SMBs) with an efficient and stress-free way of helping to prepare their tax return in advance of the upcoming January deadline.
Other updates in the QuickBooks Winter Product Release include a special offer with ‘GoCardless’, and updated VAT codes ahead of changes to import tax in 2021.
Following a particularly challenging year for SMBs, the updates help to reduce the administrative burden in the busy festive period and leading up to the January Self Assessment rush – giving small business owners more time to focus on running and growing their business.
New Self Assessment features
After an already challenging year, self-employed individuals and sole traders will be looking for ways to take the stress out of their Self Assessment tax returns – particularly as this year the process promises to be more complex, given the inclusion of COVID-19 support grants such as the Self-Employed Income Support Scheme.
New updates to QuickBooks will help those with additional tax needs, providing intuitive features that simplify tax and help SMBs to submit with confidence ahead of the January deadline.
Launched in beta stage in October 2020, the tool already allows self-employed individuals to see their income tax and National Insurance contribution estimate in real-time and – using information already uploaded to QuickBooks Online – provides an estimate so that what is owed is always available to see, right alongside VAT, CIS and potentially payroll figures.
Previously optimised for self-employed individuals with more straightforward Self Assessment needs, QuickBooks can now categorise deductible and non-deductible expenses as well as take into consideration elements such as VAT and Construction Industry Scheme (CIS) returns and payments, so you get the full breakdown of what is owed.
Self Assessment is being constantly developed and further updates to the tool, such as adding a Fixed Asset Register, are coming soon.
By using Self Assessment in QuickBooks, customers will also be ahead of the game for HMRC’s Making Tax Digital (MTD) initiative (slated to come into play for income tax in April 2023), giving them the edge in keeping up with tax regulation.
‘GoCardless’ special offer
With cash payments fast falling out of favour (particularly in response to COVID-19), GoCardless is integrated into the QuickBooks app to help businesses manage direct debit payments. In a special offer, customers who activate GoCardless between 1 December 2020 to 29 January 2021 will save up to £100 in fees.
‘GoCardless’ and QuickBooks gives small businesses the tools and knowhow to manage direct debits automatically each month – taking the guess work out of direct payments.
Getting Brexit-ready in 2021
With the Brexit transition period coming to an end, HMRC VAT tax codes are set to change in 2021. In readiness for the changes, tax codes will be automatically updated in QuickBooks – with no action from customers required. Customers can therefore be confident they are paying their VAT correctly – even as the tax landscape shifts. QuickBooks is helping small businesses to prepare for Brexit with tailored advice on its website.
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.
“We’re committed to backing small businesses and our product updates are always developed with them in mind. We know that the burden of admin is a drain on small business owners’ time, so we offer all the tools they need to make financial management effortless in one place. That way they can focus on what they do best – running and growing their business.”
For more about QuickBooks, please go to https://quickbooks.intuit.com/uk/.