How QuickBooks can help you save time during Self Assessment

Self Assessment season is approaching fast, ushering in what can be a hectic time for accountants and bookkeepers who are managing their clients’ tax returns. With the deadline of 31 January 2025 looming, time is marching on to chase final clients and get everything in order. 

Thankfully, for every problem, there’s a solution. 

Accounting software allows you to offer more than compliance. It puts you in the perfect position to add value. By streamlining workflows and tasks, you can save valuable time and focus on supporting your clients. Let’s explore how.

Acknowledging the stress head-on

For many of your clients, Self Assessment can feel overwhelming. Tasks like record-keeping, invoicing, and expense management often take a backseat to daily business operations.

Research by Intuit QuickBooks found that 25% of small business owners* delay filing their Self Assessment until the final month before the deadline, with one in ten working on it during the Christmas holiday period.

By simplifying tax calculations, categorising expenses, and providing real-time tax estimates, QuickBooks takes the guesswork and stress out of the process. By reducing client stress, accountants and bookkeepers can focus on strategic tasks rather than firefighting last-minute issues.

Time is of the essence

Preparation is key. While many of you would have started Self Assessment preparations months ago, there’s always some hand-holding and chasing to ensure clients provide a complete record of their business income and expenses.

This is where your FMS becomes indispensable. Educating clients about the benefits of Self Assessment software can transform the process, making it seamless for everyone involved. With tools designed to simplify communication, clients can securely share data with you in real time. 

QuickBooks takes it a step further by auto categorising expenses and automatically calculates VAT for easy and accurate filings. This eliminates repetitive manual tasks, allowing you to focus on delivering quality advisory services.

Pauline Green, Head of Product Compliance & Programs at Intuit QuickBooks UK, comments:

“For small businesses idea of filing your Self Assessment tax return is much worse than actually doing it and they delay doing so, which can cause anxiety for accountants and bookkeepers..

Encouraging your clients to start working with you  early. With potentially tougher economic times ahead, using the tools and technology available will ultimately give UK business owners and accountants   more time to spend running and growing their businesses.”

Using technology to your advantage

When time is often the most important currency, technology has emerged as the ultimate productivity enabler. Every hour saved represents a strategic opportunity to elevate service quality and drive client value.

QuickBooks offers powerful tools that allow you to harness technology for maximum productivity:

• Streamline workflows with automation and integrations.

• Improve client collaboration with real-time data sharing.

• Minimise errors with data validation and enhanced accuracy.

• Simplify processes and reduce bottlenecks.

• Access cloud-based platforms anywhere, enabling seamless collaboration and remote work.

Submit with confidence

QuickBooks simplifies the Self Assessment process by enabling users to export their tax forms for seamless submission to HMRC. While the final step of filing happens on HMRC's portal, QuickBooks can help you ensures that everything leading up to it is as efficient and error-free as possible.

Accountants and bookkeepers can easily prepare, review, and share these exports, ensuring accuracy before submission. By streamlining submissions, QuickBooks can help you juggle multiple clients with ease, reducing stress and enhancing productivity.

Real-time tax insights

With real-time income tax estimates, you and your clients stay informed throughout the year. This is especially valuable during Self Assessment, as it can help you:

• Ensure accurate, automated tax calculations, reducing stress and avoiding errors.

• And your clients set aside the correct amount for taxes, preventing shortfalls or penalties.

• Saves time by automating manual calculations, streamlining the filing process.

These insights not only streamline Self Assessment but also empower accountants to provide proactive, year-round advisory services.

The opportunity for Making Tax Digital (MTD) for Income Tax

This tax season can present a few challenges, but with the mandate for Making Tax Digital (MTD) for Income Tax fast approaching, there’s also an opportunity.

Encouraging clients to adopt MTD early helps both you and your clients stay organised and compliant. Those earning over £50,000 annually will be required to keep digital records beginning April 2026, with those earning over £20,000 following in April 2027. These quarterly updates of income and expenditure will need to be submitted to HMRC using compatible software.

QuickBooks is one of the first software providers recognised by HMRC as part of their MTD testing phase. With QuickBooks solutions, including the newly-launched QuickBooks Sole Trader offering, you can start the transition now, helping you and your clients stay ahead of the curve.

Nick Williams, Product Director at Intuit QuickBooks, explains:

“Sole traders are amongst the largest community that do not use accounting software, yet they must create an accurate income tax self-assessment every year and prepare for MTD, which will involve quarterly submissions.

“QuickBooks has been helping small and medium businesses prepare for MTD since 2018, and our new Sole Trader offering provides clear value for both individuals and their accounting professionals, helping them work together to meet tax obligations, manage money, save time, and grow.”

QuickBooks Sole Trader ensures digital accounting is administered in line with the new HMRC rules. It uses AI automation to streamline digital record-keeping by mapping bank transactions and expenses to tax categories and generating income tax estimates.

Spotlight

Abul Hyat Nurujjaman, MD and accountant, Taj Accountants

“At Taj Accountants, Self Assessment isn’t something we focus on just once a year. It’s something we work on throughout the year. We understand how overwhelming the process can be for our clients, so we are always there to guide them. We focus on explaining everything clearly and making it easy to understand and manage. QuickBooks has been a game-changer for us. It automates tasks like categorising expenses and calculating tax liabilities, which allows us to spend more time advising our clients. Clients particularly appreciate the expense tracking and categorisation feature, as it helps them stay organised and ensures they do not miss out on any deductions. 

The mileage tracking tool is another feature our clients love, especially those who use their vehicles for business. It is easy to use and ensures compliance with HMRC rules. From a compliance perspective, QuickBooks is invaluable. Its audit trail provides complete transparency over financial activities, which is especially useful if HMRC ever conducts an inquiry. The platform’s bank-level encryption ensures that all data is stored securely, giving clients peace of mind. The ability to work in real-time, using the cloud, ensures that we are always working with the most accurate and up-to-date information. It also keeps our clients informed throughout the year. QuickBooks has made the Self Assessment process far smoother and less stressful for everyone involved.“

Self Assessment season doesn’t have to be stressful. With QuickBooks, accountants and bookkeepers can get the best out of technology to save time, enhance accuracy, and deliver exceptional value to their clients. 

By staying ahead, you’ll not only meet today’s challenges but also set your practice up for future success.

*Research conducted by Censuswide, with 1,257 Sole Traders / Small Business Owners & Directors (defined as businesses with less than 10 employees) in the UK between 16.11.2023 – 21.11.2023. Micro-businesses have 0-9 employees. There were 5.2 million micro-businesses in the UK in 2022, accounting for 95% of all businesses.

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