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Sharron3
November 15, 2024
Question

Allowable expense error in tax summary

  • November 15, 2024
  • 1 reply
  • 0 views

I can’t work out why the rent is not included in the allowable expense category (see image). It shows as an expense in the transactions though. Don’t have this problem in previous tax years, or year 24-25, so set up is the same as far as know. Any advice on this would be really appreciated. Thank you 🙏 

 

1 reply

K
KimberlyS
November 15, 2024

I have the information you need regarding allowable expenses, Sharron3. I'll be pleased to dig into the details here to keep you on the right track for tracking your transactions.

 

QuickBooks Self-Employed will identify which expenses are allowable and disallowable based on the details provided in your tax profile. Allowable expenses are those necessary and directly related to operating your business. They can be deducted from your taxable income. It will fall under disallowable expenses if these amounts are used to pay for personal purchases.

 

Additionally, certain expense types aren't considered allowable for business operations, entity types, and local regulations. Hence, review the categories assigned to the uploaded transactions to ensure they are reported correctly. You can also check your bank rules settings if you have one.

 

If everything looks good, consider accessing your account using a private window. This can avoid interruptions from corrupted cache files that can cause unexpected behaviors, including discrepancies within your data.

 

You can refer to these keyboard shortcuts:

 

  • Google Chrome: Ctrl + Shift + N
  • Mozilla Firefox: Ctrl + Shift + P
  • Microsoft Edge: Ctrl + Shift + P
  • Safari: Command + Shift + N

 

Once it works, switch to your regular browser to clear its cache and refresh your website preferences. Might as well ensure using the system-supported browser for the best and most secure experience.

 

Moreover, explore this link to determine how your expenses are calculated if you work from home: https://www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home.

 

Furthermore, you'll want to browse this resource for guidance on preparing your Self Assessment tax return: Self Assessment for Income Tax checklist for QuickBooks Self-Employed.

 

Please keep us posted if you have other concerns about classifying and managing your expenses in QuickBooks Self-Employed. We're here to provide the help you need to ensure all your queries are addressed accordingly.

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