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W
WBJ Designs
July 7, 2019
Solved

Estimated Tax

  • July 7, 2019
  • 1 reply
  • 0 views
Hi there, On my QB dashboard it says that my estimated tax is £0 even though I've received payments for the invoice I've issued and logged expenses etc. Does the Tax Estimate update live or only towards when the tax return deadline is?
Best answer by Kristine Mae

Good  job for finding out why the estimated tax isn't calculating, WBJ Designs.

 

Regarding your other concern, once your personal allowance is used for PAYE, then you'll have to enter the information on the Tax profile setup. Here's how:

  1. Click the Gear icon beside your name.
  2. Select Tax profile.
  3. Enter the figure in the Personal allowance amount field. For example if you have used PAYE of £6000 you would then deduct that off the personal allowance amount and then enter in the remainder amount. if you have used the full allowance you would enter 0 as you have zero allowance left.
  4. Click Save.

Although, I suggest conferring with your tax adviser since it will affect your estimated taxes.

 

Let me share to you the article about QuickBooks Self-Employed UK Tax Profile Set Up.

 

You've got us if you need more help. Just pop a comment below, and we'll get back to you as soon as we can. 

 

 

1 reply

W
WBJ DesignsAuthor
July 7, 2019
I have just removed the Personal Allowance from the Tax Profile, and it calculates estimate tax. I have a Full time job with PAYE so my personal allowance is used by that, do I need to enter a personal allowance on the Tax Profile setup?
Kristine Mae
Kristine MaeAnswer
July 7, 2019

Good  job for finding out why the estimated tax isn't calculating, WBJ Designs.

 

Regarding your other concern, once your personal allowance is used for PAYE, then you'll have to enter the information on the Tax profile setup. Here's how:

  1. Click the Gear icon beside your name.
  2. Select Tax profile.
  3. Enter the figure in the Personal allowance amount field. For example if you have used PAYE of £6000 you would then deduct that off the personal allowance amount and then enter in the remainder amount. if you have used the full allowance you would enter 0 as you have zero allowance left.
  4. Click Save.

Although, I suggest conferring with your tax adviser since it will affect your estimated taxes.

 

Let me share to you the article about QuickBooks Self-Employed UK Tax Profile Set Up.

 

You've got us if you need more help. Just pop a comment below, and we'll get back to you as soon as we can. 

 

 

W
WBJ DesignsAuthor
July 7, 2019
I understand how to setup the tax profile, but I do not understand why when I put my personal allowance in the field, QB stops calculating the tax estimate. Only when I remove my personal allowance does it start showing a tax estimate.
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