Intuit QuickBooks granted credentials for Making Tax Digital for Income Tax Self-Assessment
Intuit QuickBooks – the global technology platform – has today announced it has become one of the first major accountancy software providers to be granted production credentials for Making Tax Digital for Income Tax Self-Assessment (MTD ITSA).
London, UK - 2 March 2022
Intuit QuickBooks – the global technology platform – has today announced it has become one of the first major accountancy software providers to be granted production credentials for Making Tax Digital for Income Tax Self-Assessment (MTD ITSA).
MTD ITSA will be mandated from April 2024 for sole traders and landlords with turnover above £10,000 under MTD legislation. According to HMRC, an estimated 4.2 million UK taxpayers* will be eligible. Under the legislation, those eligible will need to keep records of their income and expenditure digitally and send a quarterly summary of income and expenses, and an end of year report, using MTD compatible software (or applications).
Intuit QuickBooks has today confirmed its launching software that meets HMRC requirements to be included in the ITSA pilot for the upcoming MTD ITSA legislation. The software, once fully developed, will help accounting professionals, and self-employed individuals such as freelancers, Gig Economy workers and landlords, comply with Government legislation.
Pauline Green, Head of Product Compliance & Programs at QuickBooks, at Intuit QuickBooks comments: “QuickBooks is delighted to be one of the very first major accountancy software providers to be granted production credentials by HMRC. We’ve been working alongside accountants, businesses, individuals and HMRC to develop our new software that will make the MTD ITSA transition smooth, simple and accurate. Those who sign up to the pilot programme will have an early chance to familiarise themselves with the new platform and play a role in creating the best possible experience for our wider customer pool.”
The news comes just ahead of QuickBooks Connect (QBC), Intuit QuickBooks’ annual conference, where MTD ITSA will be a key point of discussion among attendees and QuickBooks speakers.
Pauline Green continued: “With our annual conference just days away, the upcoming legislation is sure to be of interest for many of our attendees and speakers. More about our latest software will be discussed at QBC, including the many benefits to those who sign up to the pilot from April 1st.”
QuickBooks’ track record in MTD speaks for itself. The company was one of the first major software providers to announce MTD for VAT capability, working closely with accountants to create the required functionality and develop the invaluable error checker function. As an already-established leader in addressing the hurdles of MTD, QuickBooks aims to provide support and guidance to businesses, sole traders and accountants looking to get their clients ready ahead of the launch.
As well as providing software to support MTD compliance, QuickBooks has also released resources to help those eligible for both MTD for VAT, and MTD for ITSA prepare for the changes: https://quickbooks.intuit.com/uk/making-tax-digital/
Sources
*Reference source: Extension of Making Tax Digital for Income Tax Self-Assessment to Businesses and Landlords https://www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-businesses-and-landlords/extension-of-making-tax-digital-for-income-tax-self-assessment-to-businesses-and-landlords
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Emily Feibusch
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quickbookspr@ogilvy.com
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