Questions About Self Assessment or Anything Else - Tax Year 2023-24

I appreciate your time reaching out to the Community for assistance with self-assessment, @Laurel66.

Regarding your question about whether you need to submit a self-assessment for your HR consultancy, given the minimal transactions and overhead costs, I recommend seeking advice from a tax professional. They can provide guidance based on your circumstances while ensuring that you meet all your legal and tax obligations.

While your company may qualify as dormant due to the minimal activity, then you aren't required to file a self-assessment tax return. However, you still need to inform HMRC about your company's dormant status by submitting an account and an annual confirmation statement to Companies House.

I’m adding some resources to learn what you need to complete your tax return:

• Self Assessment for Income Tax Checklist for QuickBooks Online
• How to do a Self-Assessment Tax Return

If you need further assistance or have other questions besides submitting a self-assessment, please feel free to reach back out. I’m just a click away, @Laurel66.

Welcome to the Community.

Let me share information about connecting bank accounts in QuickBooks Self-Employed.

In QuickBooks, when you connect your bank account, you can save time entering your data manually. It will automatically download recent transactions. QuickBooks will then categorize them for you. You only have to approve the work.

However, you can also choose not to connect your bank. You can manually enter your data into your QuickBooks Self-Employed account.

Here's how:

1. Go to the Transaction menu and select Add Transaction.
2. Enter the amount and a description.
3. Select the Select a Category menu. Select the best category to organize your transaction.
4. If you have a receipt, you can drag and drop it onto the form.
5. Once done, select Save.

For future reference, you can read these articles to help you if you want to connect with your bank:

• Connect bank and credit card accounts to QuickBooks Self-Employed.
• Categorise and match bank transactions in QuickBooks Online.

Don't hesitate to click the Reply button below if you need further assistance connecting your bank or entering data manually in QuickBooks Self-Employed. I'm always here to help. Have a great day.

Hello AlisonCox1, thanks for reaching out to the Community.   The income tax figure is calculated based on the income/allowable expenses and also the information on the tax profile. We have included an article on setting up the tax profile here for more detail.

 The section where it has personal allowance amount if you have not used the amount, you would leave the figure as it is, if you have used the amount with PAYE income for example then you would amend the amount to zero. That plus the date you started Self Employment will impact the calculation.

If you are not exceeding the 20 percent and after you check the tax profile set up as mentioned above and you cannot see why the figure is calculating if you could reply with a screenshot of the tax profile and the figures calculating on the report. Or if you prefer you can DM/PM us at QuickBooks UK on any of the following: Facebook ,Twitter, Instagram. 

We'd be happy to help you with any further questions.

Thank you for contacting us about managing your accounts in QuickBooks Self-Employed (QBSE), RFind. We're here to help you understand the implications of removing a connected bank account and provide guidance on how to proceed.

If you decide to remove your personal bank account from QuickBooks Self-Employed, it's important to note that all transactions associated with that account will also be removed. This means that any historical data linked to the account will be deleted from your QuickBooks records.

Before removing the account, you might want to export your transactions to a spreadsheet like Excel. This ensures you have a backup of your financial data outside of QuickBooks.

For more details, you can see this link: Delete bank and transactions data in QuickBooks Self-Employed.

Thank you for your understanding. If you have any more questions or need further assistance, please don't hesitate to contact us. We're here to help you manage your finances efficiently.