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Carol Spindler
November 10, 2020
Question

New User - setup help. Tax Profile settings

  • November 10, 2020
  • 1 reply
  • 0 views

Hi,

I'd like help to clarify what I should be entering in the Tax Profile under the settings menu.

 

I am employed so have an income already, but have set up as a sole trader too. 

I want Quickbooks to tell me how much tax i am going to have to pay on my own business.

 

In "Personal allowance amount" I should enter £12,500 - the standard allowance, but I already reach that and pay tax on my salary via my employer.
So instead, do I enter the tax allowance for sole traders which is £1000?
Will that calculate the tax correctly?

Do i need to put anything in the "Employment income" section?

Thank you 

Carol

1 reply

MariaSoledadG
MariaSoledadG
November 10, 2020

Let me help you enter the correct information in your tax profile settings, Carol Spindler.

 

QuickBooks will tax the allowance if it exceeds the 12,500 amount. Since you already have an income and are employed, there are some slight changes that you'll have to consider.

 

If you're unsure whether you're entering the correct information, you can refer to  HMRC’s website, or contact the Self Assessment helpline for guidance.

 

You'll also want to reach out to your accountant to ensure that your taxes are correct. You might want to check this article for more information: QuickBooks Self-Employed UK Tax Profile Set Up.

 

For reference, here's an article handy to know more about QuickBooks Self-Employed: QuickBooks Self-Employed Overview.

 

Let me know if you have any other concerns about your tax setup. I'll always be right here to help you anytime. 

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