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JackS
Moderator

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Hello Community :waving_hand:

I wanted to create this space where you can ask your top-of-mind QuickBooks questions and our team will help you get an answer.

 

Topics can include and not be limited to; Banking, Self-Assessment, Reconcile, Transactions, Tax or Reports.

So, pop your question below and an expert can help you :backhand_index_pointing_down:


drop in clinic 2.png

 

 

 

Solved
Best answer December 15, 2021

Accepted Solutions
Kurt_M
QuickBooks Team

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Hi there, @callumpearson28-. Let me assist you with your query.

 

I’m assuming you are using QuickBooks Self-Employed, they are using the simplified expense method (with flat rates) to calculate the allowable business expense for your car, van, or motorcycle. The rate is based on the mileage you drive.

  • Cars and goods vehicles: 0 - 10,000 miles - 45p
  • Cars and goods vehicles: After 10,000 miles - 25p
  • Motorcycles: 24p

You can refer to this article to know more about Simplified expense method.

 

If you want to do the calculation by yourself, you might want to give this link a visit.

 

Feel free to let me know if you need anything else. I'll be here to help. Keep safe!

View solution in original post

258 REPLIES 258
callumpearson28-
Level 1

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Good evening I'm just wanting a little advice, earlier in this year I was on PAYE with a tax code of 17000, due to a preview tax claim, I've now been self employed for about 5 months however im curious what happens to the tax that i was owed during my PAYE job, will that be took into account for the next self assessment?

 

Next question is, if I drive 100 miles time that by the 45p standard mileage rate is ÂŁ45 does that mean that i will get ÂŁ45 worth of tax back that I've paid, so in bigger picture if i have paid ÂŁ2000 worth of tax over the year and drive 4445 miles i would get the ÂŁ2000 back as a tax claim 

 

Any help is greatly appreciated, Many Thanks!

Kurt_M
QuickBooks Team

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Hi there, @callumpearson28-. Let me assist you with your query.

 

I’m assuming you are using QuickBooks Self-Employed, they are using the simplified expense method (with flat rates) to calculate the allowable business expense for your car, van, or motorcycle. The rate is based on the mileage you drive.

  • Cars and goods vehicles: 0 - 10,000 miles - 45p
  • Cars and goods vehicles: After 10,000 miles - 25p
  • Motorcycles: 24p

You can refer to this article to know more about Simplified expense method.

 

If you want to do the calculation by yourself, you might want to give this link a visit.

 

Feel free to let me know if you need anything else. I'll be here to help. Keep safe!

Sarah Brook
Level 1

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Hi there

 

I recently purchased QuickBooks on a recommendation and didn’t realise there was a QuickBooks aimed at sole traders. I have found an article saying that you can transfer info from QB self employed to the big version, but can you do it the other way or am I going to have to manually put all the info in again? 

thanks in advance

John C
QuickBooks Team

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Hi Sarah Thanks for reaching out to us here on the Community. It's not possible to transfer/migrate data from a small business product to the self employed product as there is no import function in the self employed product apart from the ability to import historic bank transactions. We appreciate that this may not be ideal, and an arduous task, however you will have to enter everything in manually. You will be able to connect you bank account/s however and review and categorise transactions.

nick137
Level 1

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My quickbooks app wont save when I am trying to edit an invoice. It comes up with the spinning timer saying saving but that does not go away. I then leave the app then go straight back, it crashes then reloads and the invoice has been saved any ideas???

KlentB
Moderator

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I'll help you fix this, nick137.

 

Loading issues and unresponsive interfaces are commonly caused by a corrupted cache in the system. To rule this out, you can try clearing the accumulated app data. Feel free to follow the steps I've listed below.

 

For Android devices:

 

  1. Head to your phone's settings,
  2. Choose Apps (varies by device).
  3. Select QuickBooks Online from the application list.
  4. Go to the Storage section, then tap Clear data.

For iOS devices:

 

  1. From your phone's settings, tap Settings.
  2. Choose General, then select iPhone Storage.
  3. Select QuickBooks Online from the application list.
  4. To free up the storage without deleting the documents and data for the app, select Offload App.

Once done, try editing your invoices again. If the error still persists, you may need to uninstall and then reinstall the application.

 

Alternatively, you can log in to your QBO company using a web browser. Then, edit your sales transactions from there to further isolate the issue.

 

I also encourage reading this article to learn how to personalize the invoices that you send to your customers: Customize sales forms.

 

Let me know if you have any other questions or concerns by dropping a comment below. Stay safe and have a great rest of the day.

satureyes
Level 1

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I have clients who pay using payment links in Stripe etc. 

The payments have a processing fee deducted - which means the money that comes into my QB account is that fee less than the invoice amount. 

How do I show this fee on my invoice? 

For example (I know it's not the ACTUAL fee but for ease of example...)

ÂŁ2000 invoice
Client pays Via Stripe. They of course pay ÂŁ2000
Stripe takes their fee - say ÂŁ50
Final amount I get into my bank ÂŁ1500

QB can't then match the invoice because there is a ÂŁ50 discrepancy between my invoice and what I got paid BUT the client of course has paid the full invoice amount. 

How do I show this charge on the invoice?

GeorgiaC
QuickBooks Team

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Hi satureyes, thanks for dropping by on this thread. You can record third party transaction fees by selecting the 'undeposited funds' under the 'deposit to' account on the invoice, and then follow the steps below to record the deposit:

 

1) Select + New > Bank deposit

2) Select the date that the payment was received and tick the invoice under 'select the funds included in this deposit' 

3) Scroll to 'Add funds to this deposit' and select the fee expense account under 'Account' and enter the total fee amount as a minus figure with no VAT

4) Save and match to the bank transaction 

 

Saltergroup20
Level 1

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Hi,

 

I’ve been informed that Quickbooks doesn’t support Corporation Tax Returns. Instead of using an accountant, I was hoping there was a software that is compatible with Quickbooks. We have all our information up to date, we just need help with filing with HMRC. Does anyone know of a Corporation Tax return software that works using information off Quickbooks? 

John C
QuickBooks Team

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Hi Saltergroup20 There isn't a function within QuickBooks that calculates corporation tax and then submits the relevant reports t HMRC. You can however account for corporation tax amount: you will have to manually calculate the amount of corporation tax from your net profit, create a liability account from within the chart of accounts, create a journal moving the amount of corporation tax from the retained earnings to the liability account and then when you pay HMRC you create an expense and in the category column enter the liability account. 

In relation to the submission of the relevant reports to HMRC there maybe a 3rd party app available, use the apps section within your account or apps.intuit.com There may also be a Community user that can recommend something. 

 

Catherine Pearce
Level 1

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Hi, Please can you tell me how to post a payment on account for a supplier from the for review section of the bank?  looking back at the different questions there seems to be a difference as how this may be posted.

I would also like to know what you do with the VAT rate as surely this should be left blank.

 

EmmaM
QuickBooks Team

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Hello Catherine, Welcome to the community, To show a payment on account you can create a cheque or an expense to the creditor's account and it will then show as a payment on account against that supplier. To do that in for review click on the line of the transaction and boxes will show to change transaction type, payee, and category. Are you looking to assign VAT when you use the payment on account? If so yes you could put it as NOVAT.

Catherine Pearce
Level 1

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Ok, So what Category do I use and what VAT rate as the VAT will be assigned when I get the invoice? 

 

Also is there a way to do this with money in for people who we have not invoiced yet - again what VAT and catergory do I use?  

RoseJillB
QuickBooks Team

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Allow me to join the thread, @Catherine Pearce. Let me share with you some ideas about VAT and categories in QuickBooks Online.

 

The category and rate would depend on how the transaction affects the returns.

 

You can check out this article for more details about QuickBooks VAT codes. The article can help you choose what code to apply and shows further information within the specific code you use.


I also suggest you consult your accountant for further assistance.

For future reference, you can utilize this article to edit a VAT payment or refund and check your filing status.

 

Let me know if you need further assistance with your sales taxes by dropping a comment below. Have a great day!

casino cat
Level 1

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Due to the postponements of events, I have a few credits which will later be realised within 6 months when they can book again with a new date.

I have withdrawn these from my current banking and put in a separate savings account for when the job will take place. How do I record this withdrawal and what do i do when the job is realised? 

Many thanks

GeorgiaC
QuickBooks Team

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Hi casino cat, thanks for joining this thread - you can record this movement between accounts by creating a transfer by selecting + New > Transfer and selecting the relevant current and savings account on the drop-downs - when the funds are ready to be released, you can create the transfer again to move the funds back from the savings to the CA. :)

AlexGray55
Level 1

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Hi, I am using Quickbooks Desktop 2016 and want to migrate it to Quickbooks Online.

 

The instructions for migration say that if I am using a version earlier than 2018 I must use the Desktop Restoration tool to upgrade it temporarily to 2021 in order to transfer it. However the link given for the file restoration tool in the UK support pages returns a 'Not found' error. I can find the tool in the US support pages, but I am worried that the US tool may not operate correctly on a UK file (re VAT/sales tax/PAYE etc).

 

Where can I find the UK/GB version of the desktop restoration tool? The non-functional link given is:

https://community.intuit.com/oicms/L8DhA30cW_GB_en_GB 

 

Thanks

Alex

 

Ashleigh1
QuickBooks Team

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Hello Alex, thanks for posting on this thread, can you please download a copy of the 2021 trail version instead here is the link  that will start downloading it as soon as you go to that link for you. 

AlexGray55
Level 1

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ellent, tganks for the quick reply.

JR88
Level 2

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Hi,

 

I am on the Flat Rate Scheme for VAT.

when I run my P/L report my expenses show the net amount instead of gross. Because I do not claim back the VAT from my expenses, the report is showing less expenses than I have actually paid that month (due to excluding the VAT from the total)

 

when i need to run the report to prepare for my income tax for example, the expenses shown on the report will be incorrect and will show less than I have actually paid. (Which would result in me paying more tax)

 

Am I missing something? Is there a solution for this?

JR88
Level 2

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Follow up question 

 

“You need to use the standard VAT codes on the actual transactions even though you've set up the Flat Rate Scheme (FRS). QuickBooks will do the calculation for you on the VAT return for the FRS.”

 

I know that when i run my VAT return report in quickbooks the correct % will be calculated.

But what if I would like to run a profit/loss report for the my income tax. (If I ran the P/L between April 6th 2021-April 5th 2022) to use those figures to submit to HMRC for my income tax, the expense figures will be incorrect for that. It would show less than Iv actually paid. (Because it would be excluding VAT that it’s assumed will be claimed back, which it isn’t due to the FRS)

JR88
Level 2

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Follow up question 

 

“You need to use the standard VAT codes on the actual transactions even though you've set up the Flat Rate Scheme (FRS). QuickBooks will do the calculation for you on the VAT return for the FRS.”

 

I know that when i run my VAT return report in quickbooks the correct % will be calculated.

But what if I would like to run a profit/loss report for the my income tax. (If I ran the P/L between April 6th 2021-April 5th 2022) to use those figures to submit to HMRC for my income tax, the expense figures will be incorrect for that. It would show less than Iv actually paid. (Because it would be excluding VAT that it’s assumed will be claimed back, which it isn’t due to the FRS)

Jen_D
Moderator

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Thanks for reaching out back to us, @JR88.

 

Each report in the program follows the sources and targets concept to generate data. This means that the Profit and Loss, for example, sources data from individual transaction details created in the program.

 

If you need a detailed reporting for your VAT returns, you can export the report outside the program . Then, you can manually update the figures to match the actual data you need to submit to the agency.

 

There are also other reporting types in the program where you can view all your income and expenses. Just browse through the Reports page to find the report you need.

 

If you need help with getting the accurate data, you may contact our support people to assist you. To get a hold of a representative, follow these steps:

 

  1. Go to the (?) Help menu to open the QB Assistant box.
  2. On the page, enter Contact Support.
  3. Pick Live Chat to connect with our live representative.
  4. Once done, click the Live Chat link provided in the pop-up box.
  5. On the next page, enter "QuickBooks not recognizing bank accounts" then Let's Talk.
  6. Lastly, select Start a chat.

 

If you need additional assistance with this importing concern, let me know in the comment below. I'm always here if you need further help. Have a good one!

JR88
Level 2

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I’m sorry, this is not at all what I require.

 

I do not need detailed reports for my VAT return, my question is not related to my VAT return.

 

My question is regarding my profit/ loss report that I will use to calculate my INCOME TAX, not VAT return.


If I need to run a P/L report to see how much I have earned and how much I have spent for the tax year so I can send it to HMRC so they can calculate how much income tax (not vat) I owe. The P/L report will be incorrect because the expenses is excluding VAT (which I can’t claim back) so it will report a lower figure than I have actually spent for that tax year..resulting in me paying more income tax.

The P/L reports only show net expenses (expenses excluding vat) but i and everyone who uses the FRS require a P/L report that shows gross expenses (expenses including vat) because we cannot claim vat back and will need to submit the expenses including vat to hmrc when doing our income taxes.

 

Simply, the P/L reports need an option to show gross expenses. Because people on the FRS do not reclaim the VAT back from purchases. Therefore our true expenses are the gross figures. Is there anyway of doing this? …sorry for the long message!

 

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