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Neil Evans
February 5, 2020
Question

Selling An Asset (equipment) Self Employed

  • February 5, 2020
  • 2 replies
  • 0 views

Hi I'm Self Employed and have just some some lighting equipment i bought for my business 6-7 years ago. Does this count as business income. I didn't make a profit on the lights.

 

Thanks in advance for the help. Neil

2 replies

A
Ashleigh1
February 5, 2020

Hello Neil Evans, 

 

It could be business income, but we are not trained accountants, we are just technical support. I would advise you reach out and speak to an accountant they will be able to tell you how to record this. 

A
Ashleigh1
February 5, 2020

Hello Neil,

 

Having looked into this there is no way to put this into Quickbooks itself it is not an allowable expense, however on the sa103f on hmrcs web page you can put this in box 29 and also as to go in box 44 if you look at both these links it will help you with your query. Hope this helps you. 

 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/786616/sa103f_Notes.pdf

 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/786614/sa103f.pdf 

V
VinceJ
January 18, 2022

Seems very limiting that you can't record selling an asset in QB SE. Do I have to choose a different piece of software to do this?

How should the automated bank payment be recorded to get it excluded from the P&L?

Or just run a separate spreadsheet? All becomes quite messy.

Rubielyn_J
Rubielyn_J
January 19, 2022

This is not the impression we want you to have when trying to use the QuickBooks Self-Employed, @VinceJ.

 

The said software is a single-entry bookkeeping program that helps you record your self-employed income and expenses, track mileage, and prepare your Schedule C. Recording sold assets is currently unavailable. 

 

As an option, you can utilize QuickBooks Online to help you record the transactions. Please see this link to help you purchase one: https://quickbooks.intuit.com/ph/pricing/.

 

Regarding automated bank payment, If you add or categorize transactions in QBSE, it will be included in your P&L. If you don't want this to be involved, you can simply exclude them.

 

Otherwise, you can run another separate spreadsheet for your own records. 

 

Additionally, let me share this article to help you better understand the functionality of QuickBooks Self-Employed: Learn the basics of QBSE.

 

Keep me posted if you have other questions about managing sales transactions in QuickBooks. I'll be around to help you. Stay safe!

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