Avoid manual admin with the small business accounting software that’s built into your bank account.
Free until 31 May 2023, then just £6.99 +VAT a month.infoTide Accounting costs £6.99+VAT per month. If you have connected a non-Tide business current account, you will not be charged until 31 May 2023. From June 2023 you will be charged a fee of £6.99+VAT per month unless you cancel before 1 June 2023
How do I use Tide Accounting to submit my VAT return?
Sign up to Tide Accounting and connect your account to HMRC
Add VAT rates for each of your transactions
Tide Accounting will automatically calculate your VAT liability
Review your submission
Submit your return to HMRC directly from within the Tide platform
How does Tide Accounting calculate my VAT liability?
When you add VAT to your transactions, Tide Accounting automatically calculates the amount of VAT you have paid, and the amount of VAT you have charged your customers.
Do I have to be on the VAT Cash Accounting Scheme to use VAT Manager within Tide Accounting?
Yes, we currently can only cater to businesses that are on the cash basis for VAT. We plan to make the tool available for businesses using the accrual basis for VAT in the future.
If my business is on the Flat Rate Scheme for VAT can I use VAT Manager within Tide Accounting?
Unfortunately, at the moment, VAT Manager only caters to businesses on the standard rate scheme for VAT. We plan to make the tool available for businesses using the Flat Rate Scheme for VAT in the future.
Will VAT Manager suit my business?
You can use VAT Manager if you:
Are not on the Flat Rate Scheme
Are registered with the VAT Cash Accounting Scheme
Trade within the UK only
Have no outstanding VAT corrections rolling over from previous periods
Manage all your banking transactions for your business in the Tide platform
How much does Tide Accounting cost?
The full price is £6.99 + VAT per month. However, while we are working on adding additional features to the product, we will be offering discounts.
Who can use Tide Accounting?
Tide Accounting is currently available for the following business types: – Sole traders who are not registered for VAT – Sole traders who are registered for VAT – Companies registered for VAT
Do I need to understand accounting to be able to make use of Tide Accounting?
Tide Accounting has been designed to help business owners simplify accounting. Automating these tasks for you makes this possible. The tool assumes no prior knowledge of accounting.
Is Tide Accounting only available on the web?
Currently, yes, but we are working on making this available on the mobile app too.
What’s the difference between cash and accrual accounting? Does Tide Accounting support both?
With cash accounting, a company records revenue when customer payments are received and records expenses when supplier payments are made. Taxes are calculated on the resulting net income, so you do not have to pay taxes on money you haven’t collected. Accrual accounting recognizes revenue when it’s earned, and expenses when they’re incurred (but not paid).
Tide Accounting is only available to members that use cash accounting. As we advance the tool, it will become available for all accounting bases.
If my business is using the Construction Industry Scheme (CIS), can I make use of Tide Accounting?
Unfortunately, at the moment, Tide Accounting would then not be compatible. We plan to make the tool available for businesses using CIS in the future.
How does Tide Accounting calculate my self-assessment estimate?
First, you need to add a category to all of your transactions. When you do this, Tide Accounting automatically matches these categories to HMRC’s self assessment SA103 Business Income and Business Expenses categories. This is how we provide your self-assessment estimate – but please note, the estimate is based only on the transactions in your Tide account and any manual transactions you’ve added.
Tide Accounting costs £6.99 +VAT per month. You will not be charged until 31 May 2023. From 1 June 2023 you will be charged a fee of £6.99 +VAT per month unless you cancel before 1 May 2023. From 1 June 2023, the fee will be billed in the first week of each calendar month. You will be charged subscription fees in full for the month in which you cancel your subscription. There will be no pro-rata refund of subscription fees in case of early cancellation. Tide Accounting terms and conditions apply.