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Tina1989
October 18, 2023
Question

Tax not showing pre trade expenses

  • October 18, 2023
  • 1 reply
  • 0 views

I have just started up business and my expenses are over £9000, the vast majority before trading. Everything is accounted for in the app but when I look at the tax section it is excluding anything from before trading which is making me show a profit. I can’t work out how to add the pre trading expenses.  

1 reply

C
CharleneMaeF
October 18, 2023

I understand the importance of reporting the accurate expenses in your books, Tina.

 

I appreciate you for sharing the complete details of your concern. You may encounter such an issue if your expenses are not accurately categorised. Not to worry, we can review the pre-trade transactions and ensure the correct categories are linked accurately.

 

Here's how:

 

  1. Open your QuickBooks Self-Employed account.
  2. Go to the Transactions menu.
  3. Find the expense transaction.
  4. Select the drop-down icon to expand the entry.
  5. Review the transaction and ensure the category is correct.
  6. Once done, click Save.

 

To learn more about the process, please see this article: Categorise Transactions in QuickBooks Self-Employed.

 

For additional guidance in ensuring the pre-trade expenses are shown in the Taxes menu, it is advisable to consult with an accountant. They possess the expertise to provide advice on what options to choose. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you.

 

Additionally, I've added an article that'll help you automatically categorize your transactions. It ensures the program selects the correct categories: Create Bank Rules.

 

We're still all ears if you need further assistance with your taxes and transactions. Just add your reply below, and we'll get back to help you.

T
Tina1989Author
October 19, 2023

Thanks for your reply. They are all categorised. When I go onto my tax profile it says that only expenses that come after the date that i started will be included in my self assessment summary report. Should I change the date I started on quickbooks? I’m reluctant to do so as I was still employed at this date. 

A
Ashleigh1
October 19, 2023

 Hello Tina1989, thanks for coming back to us,  so on the, Did your self-employment work start after 5 Apr 2022?   There's only a Yes or No option!
If you want to show the transactions or if your self-employment work started after 5 April 2021, select Yes.
If you don't want the transactions from 2021 to show, select No. 
 

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