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Frequent Explorer *

Updating Tax Profile As Estimated Tax Looks Very Low!

I started using QuickBooks Self Employed around the beginning of this Tax Year and have been busy logging my new self employed transactions and mileage. I'm a little worried though that the Tax calculation isn't correct as its seems very low indeed. The reason I think its low is that I have a PAYE income coming in too which will easily take up my Personal Allowance. So in my mind that being the case if the Self Assessment Tax summary shows me with a positive Net Profit I should be paying tax!

 

At the moment if I put in a fictitious amount so the Net Profit is +£10,000 it shows me as estimated tax of £296 shouldn't that be closer to £2000?

 

In the Tax Profile I have the personal allowance set to £12111 as I know that to be correct and I have a correct figure of my PAYE income (Before Tax) in the Estimated employment income box. Other income is Zero.

2 REPLIES 2
QuickBooks Team

Re: Updating Tax Profile As Estimated Tax Looks Very Low!

Hello Charlie999,

 

Do you have access to Facebook or Twitter so you can PM us your email address and we can look into this further for you?

 

Thanks,

 

Talia

Frequent Explorer *

Re: Updating Tax Profile As Estimated Tax Looks Very Low!

Just done it via Fecebook cheers.