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Everything you need to know about banking in QuickBooks Online - Discover more
shauna-ryanrober
Level 1

I have full time employment that is separate from my sole trader business. Is there a way to add my income and tax to QuickBooks to check my tax for my business?

 
3 REPLIES 3
RheaMaeH
QuickBooks Team

I have full time employment that is separate from my sole trader business. Is there a way to add my income and tax to QuickBooks to check my tax for my business?

It's nice to see you here in the Community, Shauna. Let me provide information regarding your employment income and sole trader business for your taxes in QuickBooks Online (QBO).

 

QBO is designed to handle one business entity at a time. Combining your full-time employment income with your sole trader business isn't recommended, as it can complicate your record-keeping.

 

If you work as a contractor or are self-employed while also being a business owner, it's suggested that you use different products to track your income tax. QBO is best suited for your sole trader business, while QuickBooks Self-Employed (QBSE) is for employment earnings.

 

In addition, if you want to add your employment income to QBO, I recommend consulting with an accountant. They can guide you to classify and organize these transactions to maintain accurate records.

 

Furthermore, you can visit this article to learn more about income tax: Understanding Income Tax | QuickBooks Online.

 

Don't hesitate to click the Reply button below if you have other concerns about managing your employment income and your sole trader business. I'm always here to help you. Have a good one.

SoleTraderJoe
Level 1

I have full time employment that is separate from my sole trader business. Is there a way to add my income and tax to QuickBooks to check my tax for my business?

This, in large part is why I prefer Pie Tax App.

 

HMRC taxes your income as a whole! its hard to see your tax liability without seeing the whole picture.

As pie lets you submit your return direct to HMRC through their app, they have a function that allows you to list multiple income sources and view your tax and NI bill at any point in the year, based on your earnings up to that point. Honestly, game changer, especially with HMRC's making tax digital scheme coming up.

 

they put out this article recently to outline how it will work, interesting read: https://www.pie.tax/tax-pible/understanding-hmr-cs-making-tax-digital-scheme

paul72
Level 8

I have full time employment that is separate from my sole trader business. Is there a way to add my income and tax to QuickBooks to check my tax for my business?

Nice thread-hijack @SoleTraderJoe 

 

Interesting recommendation & the basic app & service is free.

Just remember the old adage - “If you're not paying for it, you are not the customer; you are the product!"

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