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davedewey
October 22, 2024
Question

ESTIMATED TAX (SELF EMPLOYED)

  • October 22, 2024
  • 1 reply
  • 0 views

Good evening Its my first year of using SE QB so forgive the question if its been asked but I was unable to find the answer

 

On the home screen the figure for estimated tax is that what is estimated left to pay or does it take intoaccount payments made and filed under taxes

1 reply

JoesemM
JoesemM
October 23, 2024

No worries, Dave. I’d be happy to help clarify your question regarding estimated tax in QuickBooks Self-Employed. Let’s work together to ensure you have all the information you need.

 

The Estimated Tax section on your home screen shows accumulated quarterly taxes and estimates your total tax liability. On the other hand, the Taxes column in the Quarterly tax summarizes the estimated amounts and due dates. These figures will update with each new transaction that is categorized as income or expense.

 

Also, when you click the Annual column, the Estimated Tax Payments under the Payment summary will show all tax payments you've made every year.

 

Additionally, self-employment tax calculation are based on several factors, including projections based on your business-related income and spending, allowable expenses, and the information you have provided in your Tax Profile. If you need to learn more about tax rates, you can refer to this link: https://www.gov.uk/income-tax-rates.

 

I'll be sharing these links that will guide in preparing your tax return in QuickBooks Self-Employed:

 

 

If you have any questions or need further assistance with your tax payments in QuickBooks, please don't hesitate to reach out to me. I'm always available to help. Have a great day!

D
davedeweyAuthor
October 23, 2024

Thankyou very much for the informative reply Im just going to simplify my question a little in relation to the dash board. If the estimated tax suggests 1000£ and I paid 1000 to HMRC would that estimated figure go to 0. I tottally understand how other catagories change the tax

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CharleneMaeF
October 23, 2024

I appreciate you for simplifying your question, Dave.

 

Once you paid the estimated tax to HMRC, we'll have to categorise the payment transaction in QuickBooks Self-Employed (QBSE) to zero out the estimated figure in the program's dashboard. Follow these steps to do so:

 

  1. Go to the Transactions menu.
  2. Find a transaction on the list.
  3. Select Business if the transaction was for business, or select Personal for personal. If the transaction was both, select Split.
  4. Review the category in the Category column. QuickBooks tries to categorize transactions for you.
  5. If you need to change the category, select the category link. Select a general type, and choose a more detailed category.
     

For more details about the process, please see this article: Categorise transactions in QuickBooks Self-Employed.

 

I've also got here this helpful article for additional guidance in preparing and submitting your taxes: The QuickBooks Self Assessment for Income Tax checklist. 

 

Drop a comment below if you still have questions or concerns with tax payments. I'll be around to help. Take care and have a lovely day ahead.

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