Intuit announces UK updates and innovations at ‘QuickBooks Connect’

London, UK - 9 March 2022

Revealed to a virtual audience of over 4,000 Small Businesses and Accounting Professionals, Intuit’s digital tools are designed to solve major problems for small businesses and accounting professionals, like finding customers and helping with compliance.  

Chris Evans, VP and UK Country Manager at Intuit said: “It's been an extraordinary couple of years where the macro conditions have totally changed the small businesses landscape. There has been a boom in entrepreneurship with a 14% increase in startups last year, while we’ve found nearly 10% of the workforce want to start an SMB. At the same time, digital has become pervasive and non-negotiable. Small businesses that flourish are now built on or around digital technology. Our role within this new world of work is clear - we build digital tools that solve the biggest problems faced by entrepreneurs, self-employed, sole traders and established small businesses who want to run and grow their businesses. We’re proud to share our latest updates and innovations today.”

Finding customers: MailChimp 

For two-thirds of small businesses, finding new customers is their biggest obstacle, and more than a quarter struggle to retain existing customers. Even so, nearly three-quarters of small businesses have not adopted a customer relationship management solution. 

At this year’s QuickBooks Connect UK, Intuit discuss the acquisition of MailChimp for the first time in the UK. Together, Mailchimp and QuickBooks1 will help small- and mid-market businesses overcome financial challenges and solve their biggest barriers to growth: getting and retaining customers.    This is a major step on Intuit’s journey to become the single source of truth for small businesses. Through QuickBooks and MailChimp, small business owners can get their business online, market their business, manage customer relationships, benefit from insights and analytics, get paid, optimise cash flow, be organised, help stay compliant, and easily connect to accounting professionals. 

Compliance: Making Tax Digital for VAT 

Making Tax Digital (MTD) has been introduced by HMRC to help individuals and businesses simplify their tax returns. It means many people must leave the likes of paper records behind and move to keeping digital records.    MTD is currently focused on VAT submissions and was introduced for nearly all VAT-registered businesses with a taxable turnover above £85,000 in April 2019. These businesses have to use Making Tax Digital compatible software to make VAT submission to HMRC and also need to keep digital records. From April 2022, this will be extended to all VAT-registered businesses in the UK, meaning all VAT-registered businesses must digitally file their VAT return each quarter from the first return due - which is after April 1st. 

Through QuickBooks, small businesses can become compliant with HMRC MTD for VAT requirements. The product manages invoices, keeps track of expenses throughout the year, and automatically calculates estimated VAT tax, saving customers time. It provides a breakdown of what’s been collected through sales, what’s been paid on purchases, and gives a running total of what’ owed, in real time, eliminating manual calculation/estimates and surprises come VAT return submission. This ensures accurate returns, so customers don’t overpay VAT.

When it’s time to file a VAT return compliant with MTD requirements, data is organised, and ready to go.

Compliance: MTD ITSA 

Under MTD legislation, MTD ITSA will be mandated from April 2024 for sole traders and landlords with turnover above £10,000. 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 is launching software that meets HMRC requirements to be included in the ITSA pilot for the upcoming MTD ITSA legislation. The software, built on QuickBooks’ existing Self-Assessment product, will help accounting professionals, and self-employed individuals such as freelancers, Gig Economy workers and landlords, comply with Government legislation. The QuickBooks MTD ITSA pilot is launching in April 2022. You can register your interest at mtdtest@intuit.com  

Corporation Tax: books to tax 

QuickBooks is also delivering innovations for accounting professionals. On the back of the successful launch of Month End Review and Workpapers, coming soon, QuickBooks will launch a Beta of its new tax preparation and filing for CT600 forms for micro entities. The most exciting part of this is that it will live in QuickBooks. 

The advantage of building a tax solution within QuickBooks is that accounting professionals will have one place to do everything. It’s easy to learn and the data will flow from one place to the other, which is going to save time and admin. 

Nick Williams, Accounting Segment lead, Intuit QuickBooks UK said: "At Intuit we love the word prosperity. It’s in our mission statement – to Power Prosperity Around the World. We believe we can power the prosperity of accounting professionals by helping them harness digital technology, creating tools that enable them to grow their practice and scale their impact. Our Books to Tax capability is the latest step on this journey. We're excited to learn from its impact and as we move forward we aim to partner even more closely with UK accounting professionals to build tools to help them and their small business clients thrive." 

Disclaimer

This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, and functionality are subject to change without notice.

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About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

Intuit Limited registered in England (Company No.: 2679414) Registered address and principal place of business: 5th Floor Cardinal Place, 80 Victoria Street, London, SW1E 5JL, England.