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Shanjenks
May 10, 2019
Question

Tax showing as £0

  • May 10, 2019
  • 1 reply
  • 0 views

I am very new to all of this as a new business owner but I am starting to understand the main things on how the tax and self assessment works. I have recently joined QuickBooks, I have an employed income (which I have added an annual estimate in my profile) and a self employed income, I believe I put my employed income as 'personal transaction' but then my estimated tax payment is still showing as £0, is this right? Help please :)!!

1 reply

Angelyn_T
Angelyn_T
May 10, 2019

Hello there, @Shanjenks.

 

I'm here to help check why your tax payment are showing as zero and help share some information about employed and self-employed income.

 

Transactions on your account must be self-employed business income and expense related only. In this case, your employed income must not be added to your self-employed income. You can add/set up your employed income under your tax profile which helps determine what tax bracket do you belong. For additional reference, you may check this article: QuickBooks Self-Employed UK Tax Profile Set Up.

 

On the other hand, to check why your estimated tax payment is showing as zero and to learn more about how QuickBooks calculate your tax payments, you can also check this article: How QuickBooks Self-Employed calculates tax payments.

 

If you need further assistance checking your taxes securely, you may get in touch with our QuickBooks Self-Employed Support.

 

As always, please don't hesitate to add a comment below if you have any other taxes concerns. I'll be always here to help you.

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