Does QB Online, used as a sole trader, calculate an estimate of the taxes due by year end and if so where can I find this? It would be nice to see it on the Dashboard.

Hi there, @robin electrician.

Are you referring to a tax calculator feature that can calculate your estimated taxes due for a year? If so, this option isn't available in QuickBooks Online (QBO) since the program only calculates your VAT and payroll taxes. 

However, you can create an account in QuickBooks Self-Employed (QBSE) to calculate your annual estimate tax due. All you have to do is go to the Taxes menu and select Annual to view the summary of your annual financial report.

I can see how this option would be helpful for you and your business. Therefore, let me take note of this as a suggestion to improve your QuickBooks experience.

You can also our Firm of the Future site. This is where we share recent happenings and future developments, such as updates to newly added features.

If you have any other concerns, feedback, or questions, don't hesitate and come back to the Community. I'm always here to help you. Have a great day.

Hi there

If you get QB Plus you can run a report in Taxes to get a snapshot of what you owe at a particular time. Not sure if that feature is available in Essentials. However it won't discount your allowable expenses like it does in self-employed, it's not particularly user friendly on this front. 

QB - pls can you consider adding the following to QB Online:

- self-assessment tax snapshot function like you have in QB Self-Employed where you can track your SA taxes as a sole trader

- Create the same functionality you have in QB Self Employed to allow sole traders to input all transactions but siphon off those that are tax deductible/non tax deductible

- create a proper handover document for those transferring from Self-Employed to Online. I was led to believe there was a proper handover doc that helped set up the correct Chart of Accounts. But I can't find that, or the one I've been pointed to is way too basic.

That's the article, yep. If the functionality could be added so that in QB online you could mark an expense 'Not Allowable for Tax Purposes' which then meant it was automatically disallowed from the Income Tax Report that would solve it. I can run a custom report in Online but that basically renders the Tax Report function useless and I'll probably just switch back to Self Employed for now.

Also if that article highlighted that the QB Online Chart of Accounts can't replicate the functionality of the QB Self Employed Chart of Accounts that would help people trying to decide whether to transition from one to the other.

thanks

ben