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New QuickBooks Simplifies VAT Returns

Small Business News

19th May 2010

Intuit UK has today launched the latest version of its QuickBooks software. The new product is designed to make small business bookkeeping quick and easy, helping small businesses take control of their finances.

Packed with new features and improvements the new product includes the new VAT Exception Report which makes it easy for small businesses to manage the changes that might occur after filing VAT. The report automatically adjusts calculations, ensuring the next VAT report is accurate and provides a transparent audit trail for both the small business owner and HM Revenue & Customs (HMRC).

In addition, the new One Step VAT Returns feature allows small businesses to automatically populate their quarterly VAT returns and to file them instantly and securely online with HMRC. This greatly reduces the likelihood of wasted administration time, effort and costly VAT mistakes that can occur with manual methods of calculating and filing business tax. Both features are available in the improved VAT Centre, which provides a number of resources to help manage and demystify VAT.

“Our ongoing collaboration with UK small businesses shows that the paperwork associated with VAT returns is considered to be a significant burden,”

said Pernille Bruun-Jensen, managing director of Intuit UK.

“We designed the new VAT features to minimise administration time and help small businesses meet tax requirements and possible changes in an easy and straightforward fashion. A recent survey showed that eight out of 10 current QuickBooks users said the software helped save time on their accounts. We are confident that we’ll build on this fantastic record with the release of the new offering , due in no small part to new features, such as the VAT Exception Report.”

In addition to the VAT features, the newest QuickBooks software includes a wide range of functionality designed specifically to help small businesses simplify their bookkeeping. These include easy setup, company snapshots, multicurrency capability, easy email invoicing, sales & expenses tracking and a live community feature.

QuickBooks is available in three versions in the UK, starting from £99 for the basic version up to £499 for the premier version which includes sales & expense forecasting.

For further information visit Intuit UK's QuickBooks page.

Labels: Accounting