Skip to main content
D
davep64
July 7, 2019
Solved

Insurance marked as disallowable expense

  • July 7, 2019
  • 1 reply
  • 0 views

I have equipment and public liability insurance which is being marked as a disallowable expense in Quick Books Self Employed.

Another user has had the same problem and was advised to set his home working time to under 24 hours. This does fix the insurance problem but then makes the home office allowance disallowable instead. Obviously these are both claimable expenses, does anybody know how to fix this please.

 

On another subject, can anyone tell me how I actually contact Quick Books Self Employed for help please? There doesn't seem to be any obvious way to do this from the help button on my home page, I just get directed to the community pages and previous answers. Can't see a way to open a ticket.

 

Thanks.

Best answer by EmmaM

Thank you for your reply.

 

This seems to be a categorisation problem. I've been trying to enter this into 'Rent/Utilities/Insurance' and, as far as I can work out, your system is assuming that my equipment and public liability insurance is home insurance, and is being taken into account when I put in home office hours.

 

I've looked at the categories in the SA103F link you sent me and have now entered the insurance into the 'Accountancy, Legal and other Professional Fees' category. I can now enter both expenses.

 

This must be a fairly common problem, so I hope this solves it for someone else!


Hello Davep64

 

Thanks for your reply. It is something that is often mentioned and it is the case that categories are key as to where things post especially when there are things like hours worked from home involved. So in this case if you use the  'Accountancy, Legal and other Professional Fees' category it  will post as you want it to.

 

Yes it will be helpful for anyone with this issue to refer to your Community post:)

 

Thank you

 

Emma

 

 

1 reply

HoneyLynn_G
HoneyLynn_G
July 7, 2019

Thanks for posting and reaching out to us here in the Community, @davep64.

 

Tracking of expenses can vary as each business is unique. Some are allowable for tax purposes, others aren’t.

 

Allowable expenses include the cost of goods sold or stock used (the amount paid for stock if you use cash basis), wages, rent, lighting, postage, phone calls and motor costs such as fuel and insurance or aflat rate amount and any adjustment expenses that arise on a change from cash basis to traditional accounting basis this year.

 

They don’t include your own salary, wages or drawings, National Insurance contributions, the cost of entertaining, the cost of buying a vehicle or other equipment (unless you use cash basis, where allowable expenses include payments for equipment and vehicles other than cars), depreciation, and losses on assets

 

If you used traditional accounting basis, you can claim capital allowances on the cost of the equipment or machinery used in the business in boxes 49 to 59. Some expenses are only partly allowable. For example, you can only claim the business part of the costs of using your own car or using a room in your home as your office. If you use cash basis, you can only claim up to £500 of any payments of interest and other costs for cash borrowing.

 

I encourage seeking help from your accountant. He/she can guide you which option to take based on your recording practice and business needs.

 

For additional reference, you can check these links:

Meanwhile, there are two options in contacting our QuickBooks Self-Employed Support: Email or Chat. Either way, you can refer to this link for the steps: QBSE Support.

 

Let me know how it goes or if you have follow-up questions. I'm always here to provide assistance. Have a good one.

D
davep64Author
July 7, 2019

Hi,

 

Thanks for your reply. Unfortunately it seems to fail to address the problem I'm having. I realise that some items are allowable for tax purposes, some partially allowable and some are not allowable.

 

The problem I'm having is that  have two allowable expenses that I can't enter into Quick Books. One is an insurance policy for equipment and public liability, the other is an allowance for using a room in my home as an office. I know these are both allowable because my accountant has entered them into my accounts for the last 10 years.

 

For some reason Quick Books won't let me put one of these into my accounts without cancelling out the other, please see my first post again for details.

Terms & ConditionsAccessibility statement