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Willybood
April 28, 2019
Solved

Issuing yourself a wage

  • April 28, 2019
  • 1 reply
  • 0 views

I'm currently using QuickBooks Self-Employed to manage my contracting business. What would be the best way to manage wage payments to myself and pay the correct amount of tax to the HMRC?
Will I need to upgrade my account to the essentials tier?

Best answer by AlcaeusF

Hello Willybood,

 

I appreciate you for getting back to us here in the Community. Allow me to step in for a moment and help you with your question about tracking wages in QuickBooks Self-Employed.

 

You can set up your Tax Profile to help calculate taxes based on your income and expenses. In this version, you can download your Tax Summary and use this to complete the Self Assessment.

 

For more insights into the available options you can with the Self-Employed version, I'm adding the article I recommend on this:

 

If you want to upgrade or know more about the functionality of the two QuickBooks versions, please visit this article for additional reference:

 

QuickBooks Self-Employed vs QuickBooks Online for Small Business.

 

The Community has your back, so feel free to let me know if you have any additional questions with your wage payments.

1 reply

E
EmmaM
Level 10
April 29, 2019

Hello Willybood

 

Thanks for contacting the Community

 

If you are paying yourself a wage and want to record it in Self Employed, the best way to do that is to use the owner withdrawal category. There is a wages and other staff costs category which you can use if you are paying other members of staff in the business. More information on this and the SA103F categories can be found here

 

If you wanted to change to the Essentials package you would have to cancel the Self Employed and take out the Essentials as a separate subscription as the products are different.

 

Any questions let us  know

 

Thanks

 

Emma

 

    W
    WillyboodAuthor
    April 29, 2019

    Emma.

     

    Thanks for getting back to me.  I've been keeping track of my wages that way, is there anyway to calculate how much I owe to the HMRC through QuickBooks?

    AlcaeusF
    AlcaeusFAnswer
    Level 14
    April 29, 2019

    Hello Willybood,

     

    I appreciate you for getting back to us here in the Community. Allow me to step in for a moment and help you with your question about tracking wages in QuickBooks Self-Employed.

     

    You can set up your Tax Profile to help calculate taxes based on your income and expenses. In this version, you can download your Tax Summary and use this to complete the Self Assessment.

     

    For more insights into the available options you can with the Self-Employed version, I'm adding the article I recommend on this:

     

    If you want to upgrade or know more about the functionality of the two QuickBooks versions, please visit this article for additional reference:

     

    QuickBooks Self-Employed vs QuickBooks Online for Small Business.

     

    The Community has your back, so feel free to let me know if you have any additional questions with your wage payments.

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