cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Get your Payroll questions answered by a QuickBooks Product Manager here - https://intuit.me/31Nl3My
1call
Level 1

Hi Is Quick Books MTD comparable?

 
1 REPLY 1
MichelleBh
Moderator

Hi Is Quick Books MTD comparable?

Thank you for posting here in the Community, @1call

 

I'll share some information about Making Tax Digital (MTD) in QuickBooks Self-Employed (QBSE). 

 

QBSE is a single-entry accounting software it means MTD is incomparable or incompatible. Also, designed for freelancers and independent contractors, providing access to one user and meeting basic bookkeeping needs.

 

Nevertheless, we have QuickBooks Online (QBO) that meets the requirement as it can connect directly to HMRC. If your annual turnover is between £10,000-£85,000, then you will be among the first to register MTD.

 

The good news is, QBO will automatically prepare the return in the format HMRC requires. For example, when creating an invoice or expense, the VAT will automatically be calculated and added to your VAT return in QuickBooks. All you need to do is submit it inside the system. Also, MTD supports Standard, Cash, and Flat Rate Schemes. 

 

For more details about this matter, check out this article: What is Making Tax Digital?

 

Once you're ready in setting up the MTD, you can visit this article for the complete instruction: Authorise QuickBooks to interact with HMRC - MTD for small businesses. 

 

Additionally, I'd added articles about the different FAQ's in MTD and the comparison between QBO and QBSE. 

 

 

Let me know if you have follow-up questions. I'm regularly here, ready to assist. Take care!

Need to get in touch?

Contact us