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Software for final accounts & tax

Software for final accounts & tax

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Good Morning,

I recently started my prciatice (Jan 2020) and have only a handful of Self Assessment clients, however, I have two limited companies requiring year end accounts production for the year ending March 2020, both Micro Entities.

I have used quick books for the bookkeeping but was wondering if there are any recommendations for software for year end accounts and tax filing? Obviously in the short term cost is a consideration for me as my turnover is at a relatively low level.

Any thoughts or advice would be appreicated.

Thanks in advace.

Dave

Replies (35)

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By bernard michael
27th Apr 2020 09:40

I use TaxCalc & VT, with no problems

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By SJRUK
27th Apr 2020 09:51

VT software for accounts and TopUp for CT600

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Replying to SJRUK:
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By David Hedley
27th Apr 2020 16:06

Thanks for the reply - lots of people have recommended VT, however I it is not Mac compatible (I should probably have put that in my original post).

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By Cheshire
27th Apr 2020 09:52

VT and Taxfiler.

This question gets asked at least once a week, have a trawl through the any answers (not particularly easy just now, so try it via a Google search adding the term aweb)

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Replying to Cheshire:
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By Beancounting
27th Apr 2020 11:15

Hi Cheshire
Just wondering why you dont use Taxfiler for accounts too?

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Replying to Beancounting:
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By Cheshire
27th Apr 2020 12:00

Mostly because I learnt VT when I had more time so am fully used to it and for £150 its not expensive, especially as Im now using it as bridging software too for some.
I know taxfiler has that too. But Im dreadful at learning how to use new software and have so little time to do so that I just keep doing what Im doing. I did take a little look at the accounts in Taxfiler more recently - just didnt like it (read, Im a technophobe, where does that go....my head hurts!), but its kind of on my radar.

Besides VT is great for dumping other stuff into it and then playing around with it.

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Replying to Beancounting:
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By legerman
27th Apr 2020 16:49

Beancounting wrote:

Hi Cheshire
Just wondering why you dont use Taxfiler for accounts too?

I use Taxfiler for accounts at the moment but have briefly played with VT Accounts in the past, and I'm about to go back to using it again. TF doesn't always post right when you're importing a TB (not a major issue) whereas VT Accounts will pick up my file from VT+ and I can then change or add headings as I need. TF is great for straightforward accounts though and has served me well.

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By Tim Vane
27th Apr 2020 11:29

It’s a no brainer. Taxfiler for £10 a month gives you CT600 and accounts, along with partnerships and trusts.

Thanks (3)
Replying to Tim Vane:
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By David Hedley
27th Apr 2020 16:08

How do you find Taxfiler? I know they are compatible with Quickbooks which is what I am using for bookkeeping and Payroll

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Replying to Tim Vane:
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By NewACA
30th Apr 2020 11:00

Thanks Tim

I see on Taxfiler's website, that its 10 clients for £10/month.

How is the 10 clients calculated?

Is that 3 clients (out of the 10) for say:

2 x owner-managers personal tax returns and Accs plus CT600 for their LTD company?

Or does each module ptax, ctax and Accs each have a total of 10 clients max, so you could have 30 clients (in theory)?

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By bernard michael
27th Apr 2020 12:37

T0 save you asking a question in future about payroll software. I've used Moneysoft for a long time and think it is great

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Replying to bernard michael:
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By David Hedley
27th Apr 2020 16:10

Thanks for the replies . I have Quickbooks for my bookkeeping and payroll but thanks for the recommendation

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By David Hedley
27th Apr 2020 16:18

Thanks for all the replies and recommendations. I am feeling the love for VT, however, it is not Mac compatible, which I maybe should have specified at the outset.
Appreciate all he advice though.

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Replying to David Hedley:
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By PERMON
28th Apr 2020 12:21

Regarding Mac usage - I believe if you run Parallels software on Mac you can then Windows programs from within Parallels .

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Replying to PERMON:
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By David Hedley
28th Apr 2020 13:20

Thanks. I am aware of running parallel but have never done it.

Is that something you have done? If so how did you find it?

Regards

Dave

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Replying to PERMON:
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By David Hedley
28th Apr 2020 13:20

Thanks. I am aware of running parallel but have never done it.

Is that something you have done? If so how did you find it?

Regards

Dave

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Replying to David Hedley:
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By PERMON
28th Apr 2020 15:58

No I'm Windows based and don't use Apple / Mac - apart from an iPad but had to research for somebody else who was going Mac route. You would , I presume, also have to buy a Windows license.

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Replying to PERMON:
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By David Hedley
28th Apr 2020 17:51

It could be an option. Thanks

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Replying to David Hedley:
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By PERMON
28th Apr 2020 12:22

Duplicate post removed

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By uktaylor
30th Apr 2020 10:23

Tax calc for both. You can also import accounts from Quickbooks Online to Tax Calc. Their support is amazing. I have been with Tax Calc for 4 years now. They have added lots of new things. One great feature is sending the accounts to the client via VeriSign for them to sign them before submission.

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Replying to uktaylor:
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By David Hedley
30th Apr 2020 17:33

Thanks, how do you find the reporting format/features of Tax Calc?

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Replying to uktaylor:
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By David Hedley
30th Apr 2020 17:33

Thanks, how do you find the reporting format/features of Tax Calc?

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Replying to uktaylor:
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By David Hedley
30th Apr 2020 17:34

Thanks, how do you find the reporting features?

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By David S Ward
30th Apr 2020 10:29

I have a Mac and use VT with Parallels. It works perfectly on a day to day basis though Parallels is an added complication when you update operating systems or Office. I also use Taxfiler for Self Assessement and CT and think it's great. I did look at their accounts preparation module when they launched it and didn't like it so stuck with VT- maybe it's improved since then. I'm now paying £36/month for Taxfiler compared with £12/month when I first started using it, so the cost is getting close to the pain threshold.

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Replying to David S Ward:
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By David Hedley
30th Apr 2020 17:36

Thanks, I do not know if I want to go down the Parallels route but form what I have gathered so far Taxfiler seems to integrate nicely with Quickbooks (which I am currently using)

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By graeme kempson
30th Apr 2020 10:40

Been running VT+ since 2014 on a MacBook Pro with VM Ware Fusion and for 4 years before that on Windows. For Accounts production been using Absolute Tax and Moneysoft for payroll over the same period.
See Absolute have just released a pricing package of £5 per tax return per year which if (please check) correct is of serious value for small practices!
Try to keep up to speed with the alternative options, but as someone else said probably too late for me to learn new tricks.

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Replying to graeme kempson:
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By graeme kempson
30th Apr 2020 10:45

VM Ware was £60 and Windows 10 download £100 when upgraded in the autumn

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Replying to graeme kempson:
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By David Hedley
30th Apr 2020 17:41

Thanks, they do a bundle of 5 for £25 but you need to already have your accounts tagged for CT600 returns.

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Replying to graeme kempson:
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By graeme kempson
30th Apr 2020 10:45

duplicate

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By piggybank
30th Apr 2020 10:43

Hi,
I use Quickbooks for bookkeeping and payroll and I use Taxfiler for accounts preparation and tax returns. I also use a Mac. All works fine and I have not had any problems, but I am also a very small practice with small clients.
If anything, I am not so keen on Quickbooks' payroll part. Would probably choose to use Thepayrollsite.co.uk for that in the future for new clients.

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Replying to piggybank:
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By David Hedley
30th Apr 2020 17:43

Thanks, I have the payroll OK but I am only running it for two Salaried Directors so fairly straight forward. I have been impressed with the ease of use and support so far.

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By markabacus
30th Apr 2020 11:02

Hi
Running on a Mac will undoubtedly narrow you choices without running a Windows emulator. I've been using Absolute Accounting's solution since day 1, they have options thru to fully integrated Accounts, CT600 and self assessment and topup options.
Also offer some tax planning tools designed by Tim Good

https://www.absolutetax.co.uk/products/absolute-limited-company-10-clients

Thanks (1)
Replying to markabacus:
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By David Hedley
30th Apr 2020 17:50

Thanks for the link, it is an interesting looking package for someone like me who is just staring out.

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By iain.mcgregor
30th Apr 2020 12:49

With such few clients, the easiest and cheapest (free) option is to use HMRC software, not as an agent for the 2 companies, but register with HMRC as the manager of the company. Then use HMRC for the self assessments. Taxfiler is the only other way to go to do the companies as it does accounts as well as CTax. Simply copy and paste the TB into tax filer, but verify the accounts codes as they can sometimes go in the wrong slots, but otherwise brilliant and cheap.

Thanks (1)
Replying to iain.mcgregor:
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By David Hedley
30th Apr 2020 17:55

Thanks, a good suggestion for now to work around the issue. I have seen some positive reports of Taxfiler (also some negatives) but I guess everyone has a preference.

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