Digital Accounting Records
using QuickBooks
Proud to be a QuickBooks ProAdvisor
We have embraced cloud technology and have chosen QuickBooks online as our preferred software system for bookkeeping. We have our advanced certificate and are specialists at setting up the system and actually using it on a day-to-day basis. The key to a successful system is in the implementation so it’s wise to plan properly, use an expert to manage the settings, set up product codes and cost codes. If you don’t have the skills or the time to do the set-up, it can be costly to fix it at a later stage.
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We look after over 100 customers who are using QuickBooks Online. We love the awesome features of QuickBooks, such as the direct debit facility, the bank feed, invoices from your mobile, photos of parking receipts on your mobile, and the fantastic reporting facilities.
However, the thing we really love is when QuickBooks does the work automatically so we don’t have to do any bookkeeping at all! Then we can spend our time on tax planning or business improvement and still have time to network and socialise.
Making tax digital for Income Tax MTD
The first phase of MTD IT goes live in April 2026
If you have sole trader turnover PLUS gross rental income that is £50,000 or over, you will need to submit a quarterly update and a final declaration at the end of the tax year.
You need to file using a digital system, such as QuickBooks. We have joined the beta testing phase in 2024/25 tax year and 2025/2026 tax year so we are already trained up and can guide people through the new method.
Our top tips for sole traders are:
- Use a separate business bank account – our current favourite is Mettle bank (owned by Natwest). It’s good and its free banking.
- Set up your digital system – QuickBooks is our favourite but you could apply for FreeAgent software which is free if you have a Mettle bank account, or a Natwest bank account.
- Only use your business account for business expenses – don’t use it to pay for your personal shopping!
- Take a weekly amount for your private use – call these transactions [drawings] and transfer them to your personal bank account.
- Connect your business bank account to your digital bookkeeping system (eg QuickBooks or FreeAgent)
- Do some proper training so you can set up and use your digital bookkeeping system correctly.
- Train your digital bookkeeping software to code the bank transactions so you can get the regular transactions coded automatically.
https://www.gov.uk/government/collections/making-tax-digital-for-income-tax
Think VALUE not COST
If you have been pulling together your tax return information just in time for the January filing date, then it’s going to come as a bit of a shock to adapt to MTD quarterly reporting. Those who don’t comply will face penalties. Please don’t leave it until the last minute.
Our top tips:
- Do your 05/04/2025 tax return by 31st August 2025
- Get your Mettle business bank account set up
- Choose your digital bookkeeping system – HMRC have a list of software providers
- If you are thinking of getting an accountant to help you, you better start looking well before 30th October 2025 as most of them will be helping existing clients and may not have time to take on new customers.
- – we can help you to get ready s but March/April is a busy time for us so you will need to book in early.
f it’s all too much, then invest in the right support to set up your system correctly and it will save you time and stress in the long run.
https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-income-tax
Free training direct from QuickBooks
QuickBooks have lots of videos and articles to show you how to use the software. They are easy to follow and if you do get stuck, you can telephone their amazing helpline and speak to a real person. There is no additional charge for this as it’s included in your software subscription. If you are new to QuickBooks, our Elite ProAdvisor membership entitles our clients to special onboarding sessions directly from QuickBooks.
Bespoke training
If you are ready to use QuickBooks advanced features you need a combination of accounting knowledge and software expertise to get the best solutions for your business. You can buy our advanced 1-2-1 training sessions to develop a bespoke solution. The most popular sessions involves mapping your sales process and introducing automated processes.
Creating workflow system
Perhaps you have an e-commerce website using Shopify and Stripe or izettle. You will want to automate as many standard routines as possible. This frees everyone’s time away from data input, and onto what the figures mean. You can start measuring product margins, customer profitability, labour efficiency. Historically, only large companies could afford the software to do this. Now QuickBooks (and similar software) allows small companies to enjoy the same capabilities but without the high price tag. Our experience allows us to create templates and routines that you can then follow or can work automatically. We also build in risk management tools to ensure that your financial records are robust and can allow you to make better business decisions.
Testimonials
I was truly blessed to find Simply Additions/Lorraine and her team. On every interaction they have been professional, informative and friendly. They make ‘accounting’ easy and understandable. Their knowledge of…
Read moreHarmonised World Ltd
Straight honest words can only best describe Simply Additions: Knowledgeable Helpful Receptive Understanding Reliable Keen Patient Simple Additions made setting up the business accounts feel like a walk in park…
Read moreLiedetectortest.uk Ltd
Amazing company in every way – friendly, knowledgeable and just “Simply Amazing”. I can not fault the service we receive and they are always just a phone call away even…
Read moreSBC Ltd
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