I understand that this might be attempting something too ‘simplistic’, but for a lot of very simple business it might be very useful to be able to have a running tax liability balance on the Dashboard.
I see this as being something that would be able to help with putting aside capital for tax bills as well as helping to make decisions on asset spending and the like to reduce tax.
Also maybe a ‘projected liability’ could be added being an approximation of the liability given the rate at which income versus costs have been accruing in the current financial year.
Obviously most businesses have busy and quiet times, but surely the people using this can take that into account for themselves.
I just know I have more than once gotten into the problem of not having the cash to pay the bill when due……. Probably others have too?
Thank you for your feedback, as is the case for all feature requests we first leave the topic open for others to comment or add their support.
Just in the interest of clarity are you able to specify what type of tax you are looking to monitor? QuickFile does not currently offer full tax computations for businesses, we have a tax liability report but this is only for general guidance purposes.
Corporation tax, or in the case of sole trader just the income tax.
Such a calculation can have other factors of course (asset depreciation etc), but surely these are figures that can be pulled from the data within one’s account.
Without employing an accountant full time I see this as something where one could at least roughly estimate revenue and expenditure and tax liability in ‘real time’ and make some calculated business decisions.
Reports are fine, but it would be more useful to be keeping an eye on this every day/week/month or so that as one uses QF the ‘end result’ of a tax year is constantly in sight.
Sole traders and sole directors are generally too busy and even if they were able to grasp the use of reports, it is too boring! LOL In this case macro level data is what we need to be able to steer our directions.
The dashboard totals (see here) will simply report on individual nominal code balances. So I don’t think it will be ideal for tracking most taxes, perhaps accrual VAT, but not for income tax or CT.
We could look at bringing in some figures from the Tax Summary report, although these are just indicative figures calculated using rather basic formulas. It should at least give you a ballpark estimate for tax.
If you can add in the ability in the tax summary to enter Other Income (such as a PAYE job) and the tax already paid it’d be a great help for sole traders using QuickFile where they may have a main PAYE job and use QuickFile to keep track of the freelance work!
We have just made a minor update to the Tax Summary report so you can now add additional sources of income. These are then factored into the tax computations.
I’ve another related suggestion - be able to add in additional tax paid too? So that if other income is a PAYE job, you can enter the tax already paid so the calculation takes that into account and gives you a truer representation of the tax you’re likely to need to pay.
