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Hello there, juledobson-yahoo.
You still need to record your actual income through your Tax PRofile in QBSE. This will help us identify your tax bracket and will show up under the W-2 Annual Income box.
You might find these articles helpful regarding the tax guide in QBSE:
Let us know if you need anything else.
Good morning, just tailoring the question slightly more for my clarity.
Im fully employed on the PAYE scheme but also carry out free lance work in a slightly different industry. Im registered under self assessment.
My intention was and think is correct to use QBSE for my freelance work which then allows me to invoice and track. My question is very similar to the first part. Under tax profile would my allowance be the figure that is determined from my main income tax code
Would I then under other income put my gross or net figure from PAYE income ? Then the second part is the income from self employ goes in box 1 ?
Thanks for joining the thread, @davedewey. Let me provide steps on how to record your self-employment tax.
Yes, you're right. The allowance should be the figure determined from the income tax.
Also, for the section where you list your additional sources of income, please ensure that you enter the net income amount. Furthermore, we can record your income from self-employment in the 1st box.
Here's how:
In addition, I've included this article for your reference and to learn how to make federal estimated tax payments each quarter: Pay federal estimated quarterly taxes in QuickBooks Self-Employed.
The Community is open to your queries 24/7. Don't hesitate to click the Reply button if you need any additional assistance related to QBSE taxes. Have a good day!
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