Delivering simplified experiences, on a single platform, for an additional 1.88 million self assessment tax filers
Intuit Inc., the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced that QuickBooks will support almost two million additional tax payers and their accountants, who report other types of income, on top of self employment or property, to HMRC ready for the introduction of Making Tax Digital (MTD) for Income Tax.
Powered by Intuit’s AI-driven expert platform, this new functionality will assist a segment, largely underserved by traditional tax and accounting software solutions, to prepare for MTD for Income Tax’s bookkeeping requirements and complete combination tax filings to HMRC on a single platform, putting money back in their pocket.
Making Tax Digital for Income Tax represents the most significant tax system change in a generation. Approximately 2.8 million individuals that currently complete a self-assessment each year, will be required to maintain digital records and submit quarterly updates to HMRC as well. For the 1.88 million that are landlords with joint property ownership or multi-source tax filers, managing different income streams often means separate submissions, duplicate software licenses and a significant administrative burden.
Intuit will address these challenges for QuickBooks customers and their accountants, by offering:
- Simplified filing on a single platform: Streamlining complex self-assessment tax submissions for MTD for Income Tax with clear, automated processes. This eliminates many routine tasks and reduces the number of software tools needed.
- Democratised access to Enterprise-grade AI: Access to Intuit’s AI experiences that have fluency over tasks, such as delivering, tracking and managing transactions, solving problems such as auto-categorising dynamically, and simplifying complex bank reconciliations.
- Powering Human Intelligence: Intuitive, assistive, done-for-you experiences across the Intuit platform that help the division of jobs to be done, for those supported by tax and bookkeeping professionals or accountants, delivering better money outcomes.
- Helping accountants digitise their clients: AI tools to rapidly enable new customers to realise the benefits of the Intuit platform, supporting accountants with onboarding new clients, and speeding up the time spent digitising record-keeping on QuickBooks for individuals that do not currently use software.
Nick Williams, International Product Director at Intuit says: “Many individuals have side hustles, whether from investments, gig work, or property. This can make their tax affairs trickier. We’re simplifying this sort of everyday admin by creating done-for-you experiences on our platform. This means that requirements like Making Tax Digital can be achieved with ease by our customers. From starting up, to scaling up and beyond, Intuit puts everything in one place to run and grow a business. With a £3bn investment in R&D, this is something that other accountancy software providers simply can’t match.”
As a recognised leader in MTD for Income Tax preparation, Intuit has worked closely with HMRC to define the software requirements involved. As the first provider to enter the initial testing phase, and the first to successfully submit a quarterly update for income tax, with our accountant partners being the first to submit a final declaration, Intuit has consistently set the standard. Today, Intuit offers a live, tested MTD for Income Tax solution with QuickBooks customers actively filing on the platform.
