Charlie999
Level 2

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.