TAX PLANNING ACCOUNTING SERVICES SELF ASSESSMENT QUICKBOOKS

We’ve Partnered with Intuit Quickbooks Online

We have partnered with QuickBooks Online as a ‘Platinum-level ProAdvisor’ to bring you a class-leading and competitively-priced accountancy software.

What this means is that, as well as helping you to meet your future obligations with respect to ‘Making Tax Digital’**, we can offer you a comprehensive software solution designed to manage monthly profits, inventory, sales and other needs of a small business at a very affordable price.

We have access to ‘Plus’ (this is QuickBooks Online’s all-inclusive package) and ‘Essentials’ subscriptions which include the following features:

  • Capture and sort receipts
    Take a photo of receipts with your smartphone and attach them to your software there and then so you never lose a receipt again.
  • Free Mobile App
    Manage your finances on-the-go using the free Michael D Nichols app
  • Create branded invoices and quotes
    Quickly generate and customise professional invoices and quotes, then send them by email.
  • Get things done when you are on the go
    Access your accounts and send estimates or invoices from your iPad, iPhone or Android device.
  • Connect to your business bank account
    Automatically import and reconcile bank account transactions from major banks
  • Track sales and expenses
    Up to date view of sales, full details of expenses and a clear view of profit.
  • Track and manage your tax
    Instantly view your tax liability and get all you need to complete your tax return, every quarter.
  • Automatic backups
    QuickBooks automatically backs up your data every day, keeping your figures safe.

Additional ‘Plus’ features include:

  • Create budgets & purchase orders
    Set monthly, quarterly or annual budgets to predict your income and expenses and compare to actual at any time to ensure you stay on target.
  • Manage stock
    Track real-time stock levels to always know where you stand and have confidence to fulfil orders as planned. QuickBooks Online can also let you know when to reorder items and keeps track of unsold stock including its value to make informed business decisions.
  • Track costs by project, location or budget
    Allocate specific items to a project, department or budget to get a more detailed understanding of your business

** Making Tax Digital

The government has proposed a move to a fully digital tax system, commencing in 2019.

The proposed reforms will bring three main changes:

  1. Certain businesses will be issued with a digital tax account so financial data is updated in real-time.
  2. Annual tax returns will become a thing of the past. Tax will now be assessed every quarter.
  3. These businesses will need to track and submit their financial records using a cloud based solution in order to integrate seamlessly with HMRC’s new system.

The move to a digital tax system looks to get rid of the backlog of receipts and invoices that can build up over the year, and instead convert them into digital records that HMRC assess every quarter. The change from annual tax returns to quarterly account submissions could mean that you will require our support with the management of your day-to-day finances and QBO will make this task more manageable.

Not all businesses will be subject to Making Tax Digital

  • only businesses with a turnover above the VAT threshold (£85,000 in tax year 2017/18) will have to keep digital records and only for VAT purposes
  • they will only need to do so from 2019
  • businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020

Making Tax Digital will be available on a voluntary basis for the smallest businesses, and for other taxes.

This means that businesses and landlords with a turnover below the VAT threshold will be able to choose when to move to the new digital system.

As VAT already requires quarterly returns, no business will need to provide information to HMRC more regularly during this initial phase than they do now.

All businesses and landlords will have at least two years to adapt to the changes before being asked to keep digital records for other taxes.

If you have any questions, or for more information call us on 01622 745629.