Wondering how much is QuickBooks Self-Employed? If you're a sole trader or managing your own business admin, understanding the QuickBooks cost can help you plan your finances better. Whether you're looking to track mileage, manage VAT and income tax, or prepare your self-assessment tax return, QuickBooks offers powerful tools designed to save you time and stress.
What is QuickBooks Self-Employed?
QuickBooks Self Employed is a cloud-based accounting software tailored to sole traders, freelancers, and small business owners. Developed by Intuit, it’s a simplified tool that helps users keep track of income, expenses, and prepare for tax time with ease. With this platform, small businesses can connect their bank accounts, sort receipts, calculate income tax estimates, and even file a self-assessment. It’s ideal for those who want to focus on growing their business without getting buried in spreadsheets.
Key Features of QuickBooks Self-Employed
Mileage Tracking and Sorting Receipts
QuickBooks offers automatic mileage tracking via its mobile app, which is especially useful for business owners who are always on the move. Simply drive, and it tracks, helping you reclaim legitimate expenses during tax returns. Also, with its receipt sorting feature, you can snap a photo of your receipt, and QuickBooks will extract the data, classify the expense, and store it securely.
Self-Assessment Tax Return Support
No more panic during tax season! The software helps with self-assessment tax return preparation by estimating your tax liability and organising relevant data. This includes tracking business income, allowable expenses, and providing summaries ready for HMRC submission.
Business Transactions & Cash Flow Insights
QuickBooks Self-Employed helps you manage and separate business transactions from personal ones. It gives cash flow insights that allow you to monitor performance, prepare for seasonal dips, and make informed decisions. Useful reports include: Profit & Loss summaries, Expense breakdown, Tax categories overview.
QuickBooks Plans & Pricing
Monthly vs Annual Plans
QuickBooks offers flexible pricing plans suited for different needs. The Monthly Plan is £10 per month, offering flexibility and the ability to cancel anytime. The Annual Plan is £80 per year, meaning you pay annually and save over 30%. Both plans include: Unlimited invoicing, Income and expense tracking, Mileage tracking, Tax calculations, and Integration with bank accounts. No free version, but a 30-day free trial is available.
What’s Included in the QuickBooks Sole Trader Plan?
The QuickBooks Sole Trader Plan includes everything needed to keep your accounts in order: Income and expense categorisation, HMRC-ready self-assessment tax return reports, VAT error checker, Automatic bank syncing, Cash flow tracking tools, and One-click reporting for your accountant. It’s an excellent option for self-employed sole traders who want minimal hassle at a predictable price.
Hidden Fees to Look Out For
Though transparent in many ways, there are a few potential hidden fees: Add-ons like core payroll or automatic pension submissions, Upgrading to QuickBooks Online (for multiple users or added features), Phone support might not be included in all tiers. Make sure you choose the right plan for your business type to avoid surprises.
QuickBooks for Different Business Types
Self-Employed Sole Traders
QuickBooks is an ideal fit for self employed sole traders, helping them: Track income and expenses automatically, Prepare and file self-assessments, Manage cash flow and get insights instantly.
Single Property Landlords
For single property landlords, QuickBooks can: Track rental income and property expenses, Create custom reports for individual properties, help ensure compliance with HMRC during tax returns.
Contractors in the Construction Industry Scheme (CIS)
QuickBooks offers features for construction industry scheme (CIS) contractors: Handle CIS deductions, generate subcontractor reports, and keep accurate records for income tax filing. This is especially useful for small businesses managing VAT within the construction sector.
Integrations, Support & Ease of Use
Onboarding & Customer Support
QuickBooks provides a dedicated onboarding session for new users. There's also 24/7 customer support via live chat and email. Phone support is offered, but it may depend on your subscription level.
Cloud Accounting & Mobile Access
You can use QuickBooks from anywhere. Whether on a laptop or cell phone, it ensures your accounts are accessible and up to date. Cloud-based functionality means your data is secure, backed up, and available on the go.
FAQs
1. How much is QuickBooks Self-Employed per year?
QuickBooks Self-Employed costs £80 annually if paid upfront, which works out cheaper than the monthly plan.
2. Can QuickBooks help with self-assessment tax returns?
Yes. It generates detailed reports to assist with HMRC’s self-assessment, making tax time less stressful.
3. Is there a free version of QuickBooks Self-Employed?
No, but you can access a 30-day free trial to test the service before committing.
4. What if I have multiple businesses?
QuickBooks Self-Employed is best for single-business owners. Consider QuickBooks Online for unlimited classes and advanced functionality.
5. Does QuickBooks support VAT submissions?
Yes, but for full VAT returns and submitting VAT features, QuickBooks Online or higher-tier plans may be required.
6. Is QuickBooks Self-Employed suitable for growing businesses?
It’s great for starting out. However, growing businesses may need advanced features like tracking employee time, payroll, or custom reports, which are found in other QuickBooks versions.
Is QuickBooks Self-Employed Worth It?
In a word: Yes, especially for small business owners, freelancers, and self-employed professionals in the UK. The software is intuitive, loaded with relevant features, and well-integrated with HMRC standards. Pros: Easy to use, Great cash flow and income tax estimates, Helpful tools like mileage tracking and invoice creation. Cons: It lacks features for businesses with paid employees and has limited advanced features. Still, for its price, simplicity, and cloud accounting convenience, QuickBooks Self-Employed delivers excellent value for money.
Conclusion + CTA
For sole traders, landlords, and freelancers looking to stay compliant and stress-free during tax season, QuickBooks Self-Employed is a smart choice. With powerful tools to manage income, sort expenses, and streamline admin, it's well worth the investment. Ready to take control of your finances? Visit Numbersmith today to get started with QuickBooks Self-Employed.