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maxalbertfisher-
September 20, 2021
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Hi, i just became self employed from PAYE can i add my p45 to quickbooks to account for tax already paid this year.

  • September 20, 2021
  • 1 reply
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Original commenter did not share additional details
Best answer by emmam6

Hi, i i tried private mode and two other browsers, quick books is not taking into account my previous PAYE earnings in my tax and national insurance forecast...


Hello Community Users! We wanted to add some clarification on the correct process for accounting for P45 income within Self Employed. It is correct you would record it in the tax profile however it would be the personal allowance section you would adjust as the PAYE would affect how much allowance you have left. If you have used up the allowance  you can amend the figure in that personal allowance section to zero. This will then mean the income tax is calculated correctly.  We've amended the previous post to have the correct process. Any questions at all please ask them here. Thanks

1 reply

DivinaMercy_N
DivinaMercy_N
September 20, 2021

I've come to provide you a few steps in adding P45 to QuickBooks Self-Employed (QBSE), @maxalbertfisher-.

 

You can change your tax year in QBSE using the following steps:

 

  1. Sign in to QuickBooks Self-Employed.
  2. Then, navigate to the Gear icon.
  3. Select Tax Profile.

 

To get more details about the process, visit this article: QuickBooks Self-Employed UK Tax Profile Set Up. Setting up your Tax Profile make the calculation of your self-employment taxes easier.

 

Also, managing your taxes in QBSE is a breeze. You can refer to the attached article for guidance: Year-end Taxes. This comprises the most frequently asked questions about year-end tax filing.

 

I'm always here in the Community if you need additional assistance in adding your P45 to QBSE. I want to ensure your success. Have a good one.

M
maxalbertfisher-Author
September 22, 2021

Hello, thanks for the info.

 

So, based on what you told me i went into 'tax profile' and added the figure of what i earned from my PAYE job this year from my P45 into the 'estimated employment income' box. However, its still not being taken into account on my tax and national insurance amounts in the self assessment summary. 

 

I know this as my tax and national insurance estimates didn't change even though i added a considerable amount in earnings from an employer when i was PAYE... Surley my amounts should increase as ive already used a sizeable chuck of my tax free allowance. 

C
Catherine_B
September 22, 2021

Thanks for keeping us posted, maxalbertfisher-.

 

I'll walk you through categorising your PAYE income. 

 

First, you'd want to make sure that your earnings are recorded in the Tax Profile in your QuickBooks Self-Employed account. This way, we will make sure that your taxes are calculated accurately. Also, make sure to categorize your allowable expenses for self-employment properly. This is the basis for the automatic calculation of your self-employment tax obligation. You can see it on your Self-Assessment Summary page. 

 

For your PAYE income, that's not correct, you should classify it as part of the personal allowance section on the Tax Profile since it was deducted from PAYE taxes. You would adjust the amount to the allowance that is left.

 

If amounts are still not calculating, you can perform a few browser troubleshooting steps to verify if the issue is not caused by stored cache files. You can start with logging in to your QBSE account using a private browser. To use on, here's how: 

 

  • Google Chrome: Ctrl + Shift + N
  • Mozilla Firefox: Ctrl + Shift + P
  • Safari: Command + Option + P

If this works, you'll want to clear your browser's cache so the system can start fresh. If you get the same result while using a private browser, I recommend switching to a different browser.

 

I've added these articles to help you get ready with your self-employed taxes:

 

Get back to us here if you have other questions on how you can manage your taxes. I'm always here to help.

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