Making Tax Digital / Income tax/S.A

[motonova.quickfile.c]

Hi.
Income tax & S.A. I believe will go live in 2024.
What is the situation with Quickfile with regards to software ?. I appreciate this is not too important at this point in time.
Thinking ahead !!
Thank you
Regards
Ian Russell

[rhc]

Hi,

As far as I know it will be available in quickfile when MTD goes live on hmrc’s side. Have a look at the link below which may answers your questions

https://support.quickfile.co.uk/t/making-tax-digital-key-points/14648

MTD for ITSA

Is Quickfile software going to to be available for Making Tax Digital for Income Tax (MTD for ITSA) The list of current providers is very small ! Find software that's compatible with Making Tax Digital for Income Tax - GOV.UK Best regards

Hope this helps

[QFSteve]

Hello @motonova.quickfile.c

We also have information on our blog about the subject.

Making Tax Digital - Self Assessment

The idea of MTD was initially announced by HMRC back in 2015, where key parts of the tax process are moved to a more efficient and streamlined digital process. The first tax to go digital was VAT, and in 2019 we enabled businesses to submit their VAT returns as part of MTD. Initially, businesses with a taxable turnover above the VAT threshold of £85,000 were required to sign up for MTD for VAT. Businesses under the threshold are allowed to do so voluntarily. However, as of April 2022, this wil…

[JaceyBoy]

Will it be free for a private landlord?

[rhc]

Hi,
Quickfile is free to use up to 1000 ledger entries and if you don’t use the features which come with the power user subscription. If you want to use the power user subscription features or if you have more than 1000 ledger entries per year then the fee is £60 + VAT per year. If you want to use the Auto Bank Feed that is £15 + VAT per year.

It is in more detail here:

Power User Subscription

Introduction The QuickFile Power User Subscription is a premium service offering a range of productivity enhancements over the standard version of QuickFile. The subscription is renewed on an annual basis and includes the additional features listed here How do I enable the Power User Subscription? You can enable the Power User Subscription by clicking your company name in the top right-hand corner and selecting Services / Subscriptions. [image] A subscription can then be purchased from the f…

https://www.quickfile.co.uk/home/pricing

Hope this helps

[JCraigie]

I too am looking at MTD and want to get started so I have time to learn how to do it. I have been recommended QuickFile and have been told it’s free. However when I looked you have to pay for open banking - will I need this in order to be able to submit my tax through MTD?

[rhc]

Hi
No, you don’t need the bank feed. You can enter your bank entries manually or upload a csv file (bank statement) which you can download from your bank.

Hope this helps

[QFSteve]

Hello @JCraigie

This link may help.

https://support.quickfile.co.uk/t/importing-your-bank-statement/8823