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Level 1

Second Income

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.

Solved
Best answer August 06, 2018

Accepted Solutions
Highlighted
Anonymous
Not applicable

Second Income

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.

 

 

 

View solution in original post

5 REPLIES 5
Highlighted
Anonymous
Not applicable

Second Income

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.

 

 

 

View solution in original post

Highlighted
Level 1

Second Income

So what is the point of the tax profile?

Highlighted
QuickBooks Team

Second Income

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

 

 

Highlighted
Level 1

Second Income

Can you add this functionality as there are hundreds of thousands of people working in this way?

 

there must be a work around to calculate estimated tax for people who are employed (employer paying tax and NI etc), but run self employed businesses in spare time?  I bought my subscription on the basis the app would help me in lots of respects but also in this specific way. 

 

if I have to do these things manually, then I don’t need the app- I can just use excel.

Highlighted
Moderator

Second Income

Hello there, @SWED

 

The program supports self-employed individuals in tracking your business-related transactions. Since you have a second income from another employer, you can perform the steps provided by my peer, @Anonymous, above as a workaround. 

 

I'll take note of your feature request so I can pass this along here on my end. Please know that we are listening to your suggestion about tracking your second income in the program.

 

For more useful topics about the system, you can browse them through this link: QuickBooks Self-Employed

 

You can count me in if there's anything else you need, @SWED