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S
shamilt1
October 15, 2022
Question

Quickbooks Self Employed- Estimated Taxes not showing any tax payable

  • October 15, 2022
  • 1 reply
  • 0 views

Hi. I’m using QBSE. When I checked out the TAXES section to look at what I currently owe, it shows I owe nothing. After allowable expenses I am over the £12570 personal allowance so it should be showing I owe something. It has worked out my class 2 and 4 NI contributions correctly but nothing for tax- I was hoping it would to help me keep track of what I owe. Is this just me, or is it a glitch or something? 

1 reply

MaryLandT
MaryLandT
October 15, 2022

Hi there, shamilt1.

 

Let's make sure that you entered and categorized all of your business transactions to have an accurate sales tax.

 

QuickBooks will calculate self-employment taxes based on your business income, spending, allowable expenses, and tax profile. Aside from that, it also depends on:

 

  • How much of your income is above your Personal Allowance
  • Amount of income that falls within each tax band.

 

You'll want to review the information entered in your Tax Profile settings. Make sure to complete your tax profile on the Tax Estimate page. 

 

To enter the correct amount for personal allowance, go to the Gear icon and click Tax Profile. Then, proceed to the Personal allowance amount field and enter the amount. Please refer to this page for more details: How we calculate estimated tax payments.

 

I'll be adding articles that will also help you handle QuickBooks Self-Employed and how to categorize transactions.

 

 

Keep me posted if you have any other questions in mind about QuickBooks Self-Employed. Take care!

S
shamilt1Author
October 15, 2022

Everything is entered correctly. When entered into other online tax calculators, they work it out correctly- the point I’m making is Quickbooks doesn’t.

R
Rasa-LilaM
October 15, 2022

Let me route you to the right team who can properly address your tax payable concern, shamilt1.

 

We'll have to identify the cause of why it shows that you don't owe any amount in the Taxes section. In order to access an account, we have to gather some personal data. I'm unable to perform this process in the Community for security reasons. 

 

That's why you'll have to contact our QuickBooks Self-Employed Support Team.  They can conduct extensive troubleshooting in a secure environment. Then, walk you through the steps of implementing the permanent solution.

 

Here's how: 

 

  1. Go to the Assistant menu from the top bar to open the QB Assistant window.
  2. Enter a brief description of the issue in the Type something field.
  3. Tap the I still need a human menu to view the support options.
  4. From there, choose Message an agent to start a conversation or Get a callback to speak with an agent.

 

You can look through this reference to learn more about managing your taxes and submitting your self-assessment form: The QuickBooks Self Assessment for Income Tax checklist.

 

Furthermore, this link contains topics that will walk you through how to track your mileage, handle banking-related activities, and account management, to name a few.

 

Feel free to visit the Community again if you have additional questions about your estimated taxes or other QBSE concerns. I'll get back to you to help and make sure this is taken care of for you. Have a great weekend.

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