You'll have to switch from QuickBooks Self-Employed (QBSE) to QuickBooks Sole Trader or QuickBooks Online (QBO), Jon.
Your current QBSE account offers basic accounting features for managing your finances, like tracking income, sending invoices, and capturing receipts.
However, due to new Making Tax Digital (MTD) regulations from HMRC, you'll have to opt in to a more comprehensive solution that provides detailed financial reporting, such as balance sheets and profit and loss statements.
QuickBooks Sole Trader and QBO both offer the advanced feature you'll need to comply with the new MTD requirements. If your account needs are more complex, you may consider QBO as the better option since it provides a full suite of tools that align with these regulations.
Just a heads up, you'll have to create a new account and then manually export and import your data to ensure all your information transfers smoothly and safely when you make the switch from your current account to the upgraded version.
You can also refer to these articles for further information:
Feel free to reply to this post if you need further assistance.
