Question

Questions About Self Assessment - Tax Year 2022-23

Forum|Forum|3 years ago
December 8, 2022
29 replies
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When doing your self assessment, it can be daunting to ensure that you're getting everything right! We've set up this space so that you can ask all of your self assessment questions and an expert will help you with an answer.

If you have any other questions that isn't specifically to do with self assessment, you can ask that here too!

Just pop your questions below and we'll help you with an answer!

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J

jakejevans

Hello!

I have a question about how much tax I may owe, but can't seem to find the answer anywhere.

I went freelance (sole trader) midway through the tax year, starting my freelance copywriting business in October. At my previous job, I was paying taxes through PAYE up until September.

I have read that before your freelancing business earns £12,000, it isn't necessary to pay significant taxes. I definitely won't reach this figure before the end of the tax year, so I was assuming I wouldn't pay much tax on this money. However, I was unsure if the non-freelance money I earnt in the first half of the year will be incorporated into this figure, taking me over this threshold and meaning I will pay this tax on my freelance money.

Do you have any insight on this? As you can understand, I don't want to be hit by a surprise tax bill that I wasn't anticipating!

Thanks,

Jake

M

Mich_S

I'll share some knowledge with you so you can accurately keep track of the taxes you owe, jake.

The estimated VAT can be viewed from the Taxes menu once you enter your income or other transactions in QuickBooks Self-Employed.

You can either access it from the Annual or Quarterly tab, depending on your preference. I'll walk you through how:

From the left pane, open the Taxes menu.
Select either the Annual or Quarterly area.
Make sure to select the correct tax year from the drop-down.

Additionally, I recommend browsing the HMRC website and answering the Self Assessment tax return to determine if you'd still need to submit a tax return for October to April.

For more details about your tax return preparations, see this module: Self Assessment for Income Tax checklist for QuickBooks Self-Employed.

Keep in touch if you need extra help with taxes or QuickBooks. We'll make sure to back you up as soon as we can. Take the best care!

J

Joanna_A

Christ, the responses on here from the "advisors" are absolutely shocking. I'm 99% sure they're all just AI bots who paste stock responses according to key words

P

pje1618

After much faffing about, I now have a CSV file that seems to be fine

I see the screen that says

1 new journal entry will be imported.

The next screen says

The following journal entries failed with the error: 'When you use Creditors, you must choose a supplier in the Name field.'

I can't find suppliers, nor do I have any, what do I have to do just to import a trial balance
thank you

C

CharleneMaeF

I'm here to help you import your journal entry successfully, pje1618.

The option to import Trial Balance is only available for QuickBooks Online India versions. As a workaround, we can import them as a Journal Entry.

Beforehand, please note that for any line in a Journal Entry that you've posted to an account that is Accounts Receivable (A/P) or Accounts Payable (A/R), you must specify a customer or supplier name.

The error message appears when the A/P account is chosen on a transaction but the name associated with that account is not a supplier name. Also, make sure that name already exists in your QuickBooks Online account.

Since you don't have a supplier, let's create a dummy one. I'll show you how:

Go to Get paid & pay and then select Suppliers.
Select New supplier.
Complete the fields in the Supplier Information window.
Click Save.

Once done, you can now customise and import the journal entries. To ensure everything looks correct in your spreadsheet, please see this article: Upload Transactions in QuickBooks Online.

Additionally, I've added these articles that'll help you learn more about recording journal entries, as well as managing your Chart of Accounts:

Please let us know if you need additional assistance uploading the transactions. We'll be right here to help you out. Keep safe always!

V

vstruthers8

Hi. I am trying to produce a CIS summary report for a sub contractor. It shows the CIS withheld correctly however, in the total cost of materials it is showing £0 when it should be showing £4000

A

Ashleigh1

Hello Vstruthers8, thanks for posting on this thread, has the transaction with materials on it been paid? As CIS is cash based so it will only show paid items on the report.

V

vstruthers8

Hi yes it has been paid. would it be anything to do with the category I have put materials under?

D

Daryl42

I cannot see a category for non-taxable income in QBSE. An example would be a lottery win.

It's possible to classify some payments as charitable, but will QBSE pick these up and deal with them appropriately when esyimating tax due?

Thanks for answers.

A

Ashleigh1

Hello Daryl42, so QBSE is just a partial template as it only covers part of the actual form you fill out. qbse covers boxes 15-46 of the sa103 form so something's have to just be entered straight onto the actual form and not into qbse to then be entered on the form. This link has more information about the self-employed form.

G

Gilbey

I am porting a non VAT registered company from Desktop to Online with MMB.

how to I set up the Online company to ignore VAT, seems to be forcing me for a VAT reg number which I don’t have. Or do I just ignore that section and do the import?

Rubielyn_J

Thank you for stopping by the Community forum, @Gilbey.

You have my assistance to help set up your QuickBooks Online account successfully.

Before doing so, may I ask for a screenshot of the page where you're on? I appreciate any extra details you can give, and it will help us isolate the issue and provide the best solution.

If you have the Skip option, simply click the button. Then continue setting up your company without entering any VAT registration number.

To import your data from QuickBooks Desktop to Online, you can use this article as your guide: Moving from QuickBooks Desktop to QuickBooks Online.

Moreover, I'll be sharing the following tools to help handle the migration process from QuickBooks Desktop to Online:

Whenever you need more information about the procedure, feel free to get back in here. I'll be ready to help you at any time. Have a great day!

G

Gilbey

Thank you for the response.

Being impetuous I simply ignored the VAT setup screen on Online as there was no skip option, all appears to have worked fine.

Question: Attachments did not come across, is there a process to reattach them from the Attach folder as in Desktop. As HMRC and Intuit encourage the paperless system now which is compliant with MTD there must be a way?

K

Kayleigh l

Hi, I am new to QB's and have a standard payroll subscription.

I have 2 accounts, a 'current' account [my business monzo account which is linked] and I made a 'savings' account to represent my monzo savings pot. It isn't an actual bank account but I have transactions between my monzo and monzo pot. - so basically my bank account and pot matches the 'current' and 'savings' on QB's.

I have a limited company, I am the owner/director and have hired myself as an employee.

I have added myself as an employee, completed the profile and completed payroll. I have also as an employee viewed my payslip. I just need to submit my FPS to HMRC. [I'm waiting on an activation code to complete this before payday in 10 days time].

The money to pay myself wages has left my quickbooks 'savings' account, I can see this when I view 'bookkeeping' > 'chart of accounts'. But because my wages hasn't physically been paid out yet, my physical bank account no longer matches QB's.

So how does the money actually get from my physical business bank account [employer] to my personal bank account [employee]? I cannot find any settings or options anywhere to select where the money should go to and from. I'm thinking if I bank transfer this myself, it will come through QB's as a new transaction, but according to my account history on chart of accounts, the transaction has already happened. So how do I balance that if it shows twice?

Also, with my physical bank accounts I placed the amount needed for wages into a monzo pot so it was set aside and could not be spent. If I can get QB's to pay me as an employee in future, how will it access the monzo pot's or can I no longer have them and have to keep everything in the one monzo account? which makes it harder to put money aside for different things. I'm sure I'm overcomplicating things, so if you have any suggestions to make things easier please let me know, like I said I am new to this! please bear with me.

Thanks in advance, Kayleigh.

A

Ashleigh1

Hello Kayleigh I, thanks for posting on this thread, So in QuickBooks running payroll is only for recording/calculation of taxes and submission purposes, we do not have the direct deposit feature on it yet like paying the employee with the actual money for their net pay. You will have to pay or make the bank transfer outside of QuickBooks. Once this reflects on your banking page in QuickBooks, you can match it with the payroll journal entry.

J

Jaime26

Hi. In the Tax profile I need to fill in this. I don't understand where I find this figure?

Tell us about your 2022-23 tax year

What was your self assessment tax liability for last tax year 2022-23?

A

Ashleigh1

Hello Jamie26, thanks for messaging on this thread, you will need to ask and speak to HMRC about this to find our the information you need to then fill it in.

L

LH36

I can log in but I can't do anything else in QB Self Assessment web version - spinning wheel of "We're fetching your data" and only error messages when I try to chat to an agent. I need to send invoices today.

G

GeorgiaC

Hello LH36, thanks for joining this thread - we don't have any login issues reported currently. Are you using a Mac or Windows device, and are you unable to access on more than one web browser?

L

LH36

It's not exactly a log in issue. I can log in; I just can't see any of my information after I do. I'm on a Chrome Book currently. I can't access on Chrome, Firefox, or Brave.

A

Ashleigh1

Hello Lauren, did you clear your cache and cookies to all time, close the browser down, reload it and log back in? does the exact same thing still happen getting the we're fetching your data?

1 new journal entry will be imported.

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