Skip to main content
J
jp19
March 1, 2019
Solved

Recording PAYE employment transactions

  • March 1, 2019
  • 1 reply
  • 0 views

If i also have PAYE employment, how should i identify this income in quickbooks transactions so it doesn't mess up my tax calculation?

Best answer by EmmaM

Hi

 

If I add my income under this, do I also need to show it as a business profit (imported form my account)? Or would that duplicate it?

 

Thanks


Hello Fiona Lou

 

If you are adding income in the estimated employment income section in the tax profile section it will only be there as something for you to reference when filling in the SA103F form on HMRC website.It will not affect the tax summary report or income tax calculation within the QuickBooks product itself.The tax summary report includes boxes 15-47 of the SA103F .Box 47 being net profit.You can add any business income via the transactions section and that will impact the tax summary.

 

The QuickBooks product does not take PAYE into account it has not been made to deal with already taxed income.

 

Any questions just reply back here in the Community

 

Emma

 

1 reply

E
EmmaM
March 1, 2019

Hi JP19

 

Are you using the Quickbooks Payroll?

 

Kind regards

 

Emma

D
DVDB
March 29, 2019

Hi Emma, I'm also wondering about this. 

 

I'm self employed as a freelance graphic designer, but the company I have just worked for pay through their payroll, so my pay is taxed at source in this instance.

 

The money has been paid into my business account, do I still select 'business income' as the category, even though all tax and NI has been paid on it? I don't want it to process as if I have tax to still pay on it.

 

Thanks! 

T
TaliaI
March 29, 2019

Hello

 

As far as we know, you do have £11,850 of personal allowance, and so marking this as business income should not affect your tax - however we do recommend speaking to an accountant to double check this.

 

Thanks,

 

Talia

Terms & ConditionsAccessibility statement