TIDE ACCOUNTING SOFTWARE

Yes, if you already have a Tide business bank account, you can use Tide Accounting.

In the app, go to ‘Admin’ > ‘Accounting’ > ‘Explore Tide Accounting’, and choose the accounting service that’s best for your business. We’ll ask you some questions about your current accounting setup, before you can access these benefits.

You can read more about our accounting add-ons here.

We offer 4 types accounting add-ons:

1. Tide Accounting, which comes with all of our standard accounting features, for £9.99 + VAT per month

2. Tide Accounting Extra, which gives you access to Tide Accounting, plus 5 extra features, for £19.99 + VAT per month

3. Admin Essentials, which combines Tide Accounting and Invoice Assistant, for  £12.99 + VAT per month

4. Admin Extra is a bundle that combines Tide Accounting Extra and Invoice Assistant, for £22.99 + VAT per month * Invoice Assistant is available separately, too, and costs just £5.99 + VAT per month.

Sole Traders and Directors of a Limited Company can use Tide Accounting. 

To use Tide Accounting for Self Assessment, you must be a Sole Trader who is not using the construction industry scheme. 

To use Tide Accounting for submitting your VAT return, you must be a VAT registered business and not using the VAT Flat Rate Scheme.

When you add a category to your transactions, Tide Accounting automatically matches these categories to HMRC’s self assessment SA103 Business Income and Business Expenses categories. This means your Self Assessment estimate is based on your Tide bank account transactions, plus any other transactions you’ve added manually to the estimate. You can connect your business bank accounts from other providers, as well as your Tide accounts, to Tide’s accounting add-ons. This will allow you to view and manage all your accounting and transactions in one place. Read more about the accounting add-ons we offer here.

Tide Accounting automatically calculates VAT based on the VAT rate added to your transactions, invoices, or bills. The VAT liability depends on your VAT scheme.

Cash VAT Scheme

You pay VAT to HMRC when you receive payments from customers, and reclaim VAT when you pay suppliers. Your VAT liability will be calculated based on transactions only, and not on invoices.

Standard VAT Scheme 

Your VAT liability is based on invoices & transactions. You pay VAT when you issue an invoice and reclaim it when you receive an invoice from a supplier, regardless of when the payment is made. If there is no invoice for a payment that includes VAT, this payment will still be included in your VAT report – contributing to your VAT liability or reclaim.

It's mandatory to match all invoices to the respective transactions, to ensure correct reporting.