Making Tax Digital
Making Tax Digital (MTD) is a government initiative aimed at simplifying the way businesses report their income, expenditure and taxes. It will ultimately mean the end of tax returns for millions across the UK.
|No More Tax Returns|
|Businesses will instead be required to file a quarterly summary of income and expenditure followed by an end of year statement.|
|Accounting records will need to be kept in a digital format. Quarterly Updates will be filed directly from your accounting software.|
|Obtain a near real time view of your tax position from within your accounting software.|
How can QuickFile help?
QuickFile was designed from the ground up to cater for the needs of small business owners. We provide free accounting software for small to medium sized users along with a powerful feature set for larger or more complex businesses. Our Power User subscription is just £4.50 per month *. For practices we have a dedicated multi-user platform called Affinity.
QuickFile can help you streamline your accounts in the following ways:
Automatic Bank Feeds
QuickFile can connect to your bank account and automatically import your transactions. Bank tagging rules can be setup to automate the process of categorising your transactions.
QuickFile provide all the standard reporting tools you’d expect in an accounting software package, along with project management tools, multi-currency and electronic filing for VAT. QuickFile also provide a Periodic Update report giving you a glimpse into how Making Tax Digital will work in practice.
Snap pictures of your receipts on your mobile device and have them stream into the Receipt Hub (our native receipt digitisation tool). You can link up your receipt scans to existing purchase records are create new ones on the fly.
Powerful Bank Tagging
Bank Tagging allows you to import your bank transactions and create all your backing invoices using a simple, intuitive tagging wizard. You can tag individual items or isolate groups of up to 50 related items and bulk tag in one go. Bank tagging can save hours of manual reconciliation.
To take the first step and get your business or accounting practice ready for Making Tax Digital, please choose from one of the following options: