QuickBooks First Software Provider Recognised for Making Tax Digital ITSA Beta

  • Facebook icon
  • Twitter icon
  • LinkedIn icon

London, UK - 28 February 2024

Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced today it is the first large software provider to be recognised for the Making Tax Digital (MTD) Income Tax Self Assessment (ITSA) Beta.

MTD is a key part of HMRC’s tax administration strategy. The digitalisation of record keeping will help businesses to stay on top of their tax affairs, save them time and reduce the element of the tax gap caused by error.

During a keynote speech at the HMRC Stakeholder Conference 2024, HMRCs Deputy CEO, Angela MacDonald said: “We continue to work in close partnership with the software industry to ensure there is a competitive market for ITSA compatible software. I am delighted that Intuit, who make QuickBooks and who have been engaged in our testing programme from day one, will be the first software provider participating in this next testing phase from April.”

According to HMRC, small businesses account for a greater proportion of the tax gap. Using MTD compatible software is now the norm for VAT registered businesses, with nearly two million of them keeping digital records and filing their returns using MTD compatible software.

HMRC has already processed over 25 million VAT returns under MTD, and 80% of the businesses surveyed said that using MTD software to file their returns was easy, with 69% experiencing at least one benefit from it. 

Nick Williams, UK Product Director, Intuit QuickBooks: “This is a huge accomplishment for our fantastic product and development teams and HMRC who have worked so hard together in the co-creation workshops. This collaboration was critical in reaching this milestone and highlights our ongoing commitment to supporting our accountant and bookkeeping community, and the small business and solopreneur clients that rely on them.

“We know that the Making Tax Digital ITSA Beta will bring massive benefits to our customers, helping them to stay on top of their tax affairs more efficiently and accurately.”

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.

For more press information

Media contacts:

For more information, contact quickbooks@edelman.com

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.