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joncounselling
June 16, 2021
Question

Is there any reason why my QBSE Self Assessment Summary page completely disregards the "Other Income" I have entered on the Tax Profile page, thereby giving me a completely inaccurate tax estimate?

  • June 16, 2021
  • 1 reply
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1 reply

R
ReymondO
June 17, 2021

Hi there, @joncounselling.

 

QuickBooks Self-Employed (QBSE) will calculate your self-employment taxes based on your business income, spending, allowable expenses, and the information you have set up in your Tax Profile.

 

Can you tell us when did you enter your other income transactions in QuickBooks? 

 

This process can also affect your tax calculations in the program. Please know that your taxes are only calculated at the start of your self-employment date. Transactions created before this date will be ignored in your Self-Assessment Summary.

 

To verify, let's run the Profit and loss report and check when they are entered into the program. Here's how:

 

  1. Go to Reports and look for the Profit and loss report.
  2. Search for the other income account, then click its amount to view its breakdown.
  3. Review each transaction's date and ensure they are made after setting up your tax profile.

 

Additionally, you can check out this article for more details on QBSE calculates your taxes: QuickBooks Self-Employed UK Tax Profile Set Up. 

 

You're more than welcome to visit this thread again if you have other questions. Just add the details of your concern here and I'll help you out.

    J
    joncounsellingAuthor
    June 17, 2021

    Hi @ReymondO  thank you for taking the time to reply to my question.

    When I run the P&L report, the other income does not appear anywhere. I don't have another account apart from my business current account active on my QBSE, as the account my other income (my pension) is paid into is my personal current account. Does this account also need to be connected to QBSE? Or should I change my pension payment account to my business current account?

     

    I had hoped that, by adding the "Other Income" to my Tax Profile, I would not need to faff around changing my pension arrangements or having to link my personal account as well, as my assumption was that the data entered there would automatically be taken into account when my self assessment was calculated. Otherwise, why is there an "Other Income" field there at all? As a result I have never entered "Other Income" transactions into QBSE as it seemed that it was not needed.

     

    Unfortunately the link you have sent me doesn't have any relevant information pertaining to my specific issue, but thank you nonetheless.

     

    I hope my ramble makes sense!

    A
    Ashleigh1
    June 17, 2021

    Hello Joncounselling, thanks for coming back to us here, so income from pensions are not meant to appear on your profit and loss or entered in box 16 and are accounted for on the SA100 form not the SA103f. If you have a look at these links it tells you more about it .  

     

    have a look at the SA100 form and notes here 

     

    Have a look at the SA103f form and notes here 

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