Second Income

Forum|Forum|7 years ago
August 3, 2018
1 reply
0 views

Hi,

So i have a question... I use Quickbooks to keep in check with my self emplyment income but i do have a second income working for a company who sort out my tax etc for me. Am i able to input that somewhere into quickbooks so it would calculate my tax due (for my self employment) more accurately?

Thanks in advance.

Best answer by

Hi Callum,

Welcome to Community.

You can certainly enter your income from your employment into your Tax Profile section, however this will not pull to the Self Assessment within the reports section.

You would still need to complete some manual calculation when entering the information on HMRC Self Assessment to include this figure.

Let me know if you have any other queries.

Anonymous

Answer

Hi Callum,

Welcome to Community.

You can certainly enter your income from your employment into your Tax Profile section, however this will not pull to the Self Assessment within the reports section.

You would still need to complete some manual calculation when entering the information on HMRC Self Assessment to include this figure.

Let me know if you have any other queries.

JonnyBoy88

So what is the point of the tax profile?

EmmaM

Level 10

Hello

The tax profile in Self Employed can impact the tax summary which is used to fill in the SA103F form for example it can impact allowable/disallowable in regards to hours worked from home and then putting through rent/rates/insurance expenses for example

It can also affect what income pulls through to the p and l if for example you state you have started self employed mid year

More information can be found here

Thanks

Emma

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