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C
Cogshed
October 18, 2019
Question

One QB Self-Employed Account. Two tax returns required.

  • October 18, 2019
  • 1 reply
  • 0 views

my partner and I no longer use an accountant, since moving to QB. In the past our accountant has processed our invoices/expenses and generated a 70/30 split tax return for us both. 

I'm suspect I have subscribed to the wrong QB system. We have joint utility bills etc and are not running as a company as we both freelance differently. I have entered all the 2018/19 data to discover it only creates the one tax return. 

Is there a way/option of dividing the income/expenses in this system? If not can I transfer the account to another of the QB packages that will allow me to do this? 

Thanks

1 reply

P
payment after leaving
October 18, 2019

Hi Gogshed

 

It is not possible to divide the income/expenses into two as the system only generates one self assessment form.

The only way you could differentiate the two types of transactions would be to take out the Plus, small business, account. This account has class tracking, you could set you and your partner up as classes, allocate the transactions to the relevant classes and you will then be able to run profit and loss reports by class. The system however does not generate a self assessment and therefore you will have to use the information from the reports to enter into the self assessment manually.

It is not possible to directly migrate the existing transaction to another online account. You can export the transactions list and then import it to another account.

If you do want to set up the plus account and use the same email address as the self employed we recommend that you change the email address in the self employed account to an alternative email by logging in to accounts.intuit.com, using the same login details that you login to the self employed account with.

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