Consumer365 has published its latest annual review of accounting platforms for sole traders, freelancers and small business owners in the UK, identifying QuickBooks as a leading digital tool for preparing HMRC Self Assessment and managing tax responsibilities throughout the year. The report focuses on software that supports clarity, compliance and predictable financial planning at a time when more individuals are looking for efficient digital solutions.

Best Accounting Software for the Self-Employed

QuickBooks - a digital accounting platform designed to help self-employed workers and small businesses track income, organise expenses and stay prepared for HMRC tax requirements throughout the year

The UK's self-employed community continues to expand its reliance on digital record keeping. Individuals managing irregular income streams or multiple sources of revenue increasingly look for software that helps them stay compliant from April to January without needing to become tax experts themselves.

Consumer365 assessed software platforms on criteria such as:

• Accuracy and clarity of tax calculations
• Ease of use for non-specialists
• Real-time financial visibility
• HMRC alignment and support for Making Tax Digital
• Quality and availability of customer support

QuickBooks performed strongly across each of these categories, particularly in areas related to tax estimation and data organisation.

Real-Time Tax Estimates and Predictability

A key factor in the assessment is QuickBooks' ability to provide ongoing projections of Income Tax and National Insurance contributions. Using the information users upload and categorise, QuickBooks generates estimates throughout the year. This gives self-employed workers more predictability and reduces the risk of sudden tax liabilities at the end of the financial year.

Key strengths identified include:

• Real-time Income Tax and National Insurance estimates
• Automated calculations based on categorised transactions
• A clear overview of income, expenses and upcoming obligations

This structure supports users preparing for Self Assessment and helps ensure they have accurate figures when completing forms such as SA103 or SA105.

Tools That Support Self Assessment Preparation

The review highlights several QuickBooks features aimed at reducing administrative burden and improving accuracy:

• Expense tracking and categorisation
  QuickBooks can distinguish between business and personal expenses and, within its Sole Trader plan, benchmark spending against similar businesses.

• Transaction and invoice visibility
  A real-time dashboard helps individuals maintain organised records throughout the year.

• Cash flow planning
  The 90-day Cash Flow Planner provides an early view of upcoming financial pressures and opportunities.

These tools work together to help users prepare the figures they need for HMRC, even though the software does not yet support direct Self Assessment submission.