Skip to main content
G
gat-demetriou-gm
December 14, 2021
Question

I want to find out how I can split various revenues and expenses in a partnership between two individuals on a transaction by transaction basis, and be able to see tax computations for two self assessment submissions.

  • December 14, 2021
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

M
MirriamM
December 14, 2021

Hello there, @gat-demetriou-gm.

 

I’m happy to share some information about splitting transactions.

 

In QuickBooks Self-Employed (QBSE), you can split transactions between business and personal as an amount or percentage. Thus, being able to split transactions between two individuals and see tax computations for two self-assessment submissions is unavailable. 

 

To split the transaction, here's how:

  1. Go to the Transactions menu.
  2. Find the transaction you want to split.
  3. Select Split from the Type column.

 

For more details about this feature, see this article: Split transactions in QuickBooks Self-Employed.

 

To help manage your business and personal transactions in the program, here are some articles that you can browse:

 

Let me know if you have other concerns about splitting and managing transactions in QBSE. I'm just around to help. Take care always.

G
gat-demetriou-gmAuthor
December 14, 2021

Thanks a lot. Just to clarify,did you say preparing two self assessments IS NOT possible from quick books self assessment?

 

I thought it may be possible to leverage the categories / labels to filter on each person's self assessment report?

 

If not, is there another QB package that could achieve this?

R
RoseJillB
December 14, 2021

Thank you for your prompt reply, @gat-demetriou-gm. Let me answer your question about splitting transactions in QuickBooks Self-Employed (QBSE).

 

Yes, as per my colleague, tax computation for two self-assessment submissions is not available.

 

To achieve your goal, you can add a separate subscription for the split transaction and see tax computations for two self-assessment submissions.

 

Otherwise, you can subscribe to QuickBooks Online (QBO). All QBO versions are designed for different business types. All you have to do is create a supplier profile and a separate equity account for each partner.

 

You can check out this article to add an owner or partner to your books.

 

For more details about QBO feature comparison you can check out this link: QuickBooks Online United Kingdom Plans and Pricing.

 

Let me know in the comment section if you need further assistance with splitting transactions. The Community always has your back. Have a great day!

Terms & ConditionsAccessibility statement