Can you advise me if I let the power user subscription lapse can I still access everything to complete my final tax return?
It depends how many transactions you have and how long you leave it between stopping entering new ones and wanting to access the data for your tax return. The account “size” is calculated on the number of ledger entries in a rolling 12 month window, so if you typically have say 2000 ledger entries per year, you’d expect your account to drop into the free tier about 6 months after you stop adding new entries. If it’s 4000 ledger entries a year then it’ll take around 9 months to drop below 1000, and so on.
You may find you have to renew the subscription one more time, but after that it’ll remain in the free tier for your “keeping records for 7 years” obligation.
The question suggests the year is complete otherwise op would want to continue access, so why they can’t just print off a report now ready for later I don’t know.
Hi Ian, not sure how many ledger entries we have. Martin ceased trading end of August 2019 when he retired. There are a couple of business transactions after that date as assets were sold but nothing after November. Can you help me?
Thank you Lurch, I think I only have 305 ledger items in the last 12 months so I don’t think I will need to do another subscription. However as I need to keep records for 7 years following retirement will I need to do more or will I have full access if HMRC request details?
If you don’t log in to your account for a period of time Quickfile will mark it for deletion. Quickfile will email you beforehand though.
You can also run a backup of the account so you always have your own copy of all the ledgers that make up the account.