Skip to main content
robin electrician
Dec 28, 2020 2:36 PM UTC
Solved

Does QB Online, used as a sole trader, calculate an estimate of the taxes due by year end and if so where can I find this? It would be nice to see it on the Dashboard.

Original commenter did not share additional details
EmmaMAnswer
Jan 19, 2021 4:38 PM UTC

Hello bjgcooper, Is this the article you're referring to?QuickBooks Online does not have the full functions of Self Employed, only the option at the moment in the taxes section for recording for the self-assessment and then like the tax summary in QBSE you can use that to file at HMRC website. We can pass on your feedback as to what may be added in the future to help with this feature.

View in thread

4 replies

ReymondO
Dec 28, 2020 6:14 PM UTC

Hi there, @robin electrician.

 

Are you referring to a tax calculator feature that can calculate your estimated taxes due for a year? If so, this option isn't available in QuickBooks Online (QBO) since the program only calculates your VAT and payroll taxes. 

 

However, you can create an account in QuickBooks Self-Employed (QBSE) to calculate your annual estimate tax due. All you have to do is go to the Taxes menu and select Annual to view the summary of your annual financial report.

I can see how this option would be helpful for you and your business. Therefore, let me take note of this as a suggestion to improve your QuickBooks experience.

 

You can also our Firm of the Future site. This is where we share recent happenings and future developments, such as updates to newly added features.

 

If you have any other concerns, feedback, or questions, don't hesitate and come back to the Community. I'm always here to help you. Have a great day.

bjgcooper
Jan 19, 2021 3:03 PM UTC

Hi there

 

If you get QB Plus you can run a report in Taxes to get a snapshot of what you owe at a particular time. Not sure if that feature is available in Essentials. However it won't discount your allowable expenses like it does in self-employed, it's not particularly user friendly on this front. 

 

QB - pls can you consider adding the following to QB Online:

 

- self-assessment tax snapshot function like you have in QB Self-Employed where you can track your SA taxes as a sole trader

- Create the same functionality you have in QB Self Employed to allow sole traders to input all transactions but siphon off those that are tax deductible/non tax deductible

- create a proper handover document for those transferring from Self-Employed to Online. I was led to believe there was a proper handover doc that helped set up the correct Chart of Accounts. But I can't find that, or the one I've been pointed to is way too basic.

 

 

EmmaMAnswer
Jan 19, 2021 4:38 PM UTC

Hello bjgcooper, Is this the article you're referring to?QuickBooks Online does not have the full functions of Self Employed, only the option at the moment in the taxes section for recording for the self-assessment and then like the tax summary in QBSE you can use that to file at HMRC website. We can pass on your feedback as to what may be added in the future to help with this feature.

Terms & ConditionsAccessibility statement