cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Intuit

QuickBooks Self-Employed Overview

New to QuickBooks Self-Employed? This is a fast way and easy way to track your business income and spending all year long. You'll be more than ready when your taxes are due.

There's a mobile and browser version so you can update your books anywhere, anytime.

QuickBooks Self-Employed (QBSE) helps self-employed individuals track their business-related transactions. It helps calculate federal estimated taxes based on your business data. QuickBooks Self-Employed helps you make quarterly estimated tax payments and file your Schedule C along with your annual tax return (1040).

Generally, you're self-employed if any of the following apply:

  • You carry on a trade or business as a sole proprietor or an independent contractor.
  • You are a member of a partnership that carries on a trade or business.
  • You are otherwise in business for yourself (including a part-time business).
  • You generate Schedule C categories and file your business taxes as part of your 1040.

Note: QuickBooks Self-Employed isn't designed to handle non-profit or charitable organisations.

Here's just a bit of what you can do:

  • Organise your business spending.
  • Maximise your business deductions.
  • Claim a mileage deduction by tracking the business miles you drive.
  • Help you figure out your business profit.
  • Calculate your estimated tax payments.
  • Put your expenses into the correct Schedule C categories.
  • Export your records to an easy-to-read Schedule C.

As a self-employed individual, you're generally required to file an annual return and pay estimated tax quarterly.

Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. Self-employment tax is a National Insurance and Medicare tax primarily for individuals who work for themselves. It's similar to the National Insurance and Medicare taxes withheld from the pay of most wage earners. In general, "self-employment" refers to National Insurance and Medicare taxes and not any other tax (like income tax).

Before you can determine if you are subject to self-employment tax and income tax, you need to figure the net profit or net loss from your business. You do this by subtracting your business expenses from your business income.

If your expenses are less than your income, the difference is net profit. This becomes part of your income on page 1 of form 1040. If your expenses are more than your income, the difference is a net loss. You can usually deduct your loss from gross income on page 1 of Form 1040. But in some situations, your loss is limited. See UK Government guidelines for more information.

You have to file an income tax return if your net earnings from self-employment were £400 or more.

If your net earnings from self-employment were less than £400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions.

Your 30-day QuickBooks Self-Employed trial expires automatically. Since you didn't give us any billing info, we won't bill you. If you want to end your subscription now:

  1. Open QuickBooks Self-Employed in a web browser on your laptop or desktop. You can't cancel from the QuickBooks mobile app.
  2. Select your Business Name next to Settings ⚙.
  3. Under About you, select Cancel trial.

To cancel your QuickBooks Self-Employed paid subscription:

Note: Uninstalling the QuickBooks Self-Employed app on your mobile device won't cancel your subscription. Learn more about cancelling subscriptions on iOs and Android.

Purchased directly from QuickBooks or Intuit

  1. Open QuickBooks Self-Employed in a web browser on your laptop or desktop. You can't cancel from the QuickBooks mobile app.
  2. Select your Business Name next to Settings ⚙. Then select Billing info.
  3. Select Cancel your account and follow the onscreen steps.

Purchased from the Apple App Store (iOS)

  1. On your iPhone or iPad, open Settings for your device.
  2. Select Itunes & App Store.
  3. Sign in to your apple account. Then select your Apple ID.
  4. Select View Apple ID.
  5. Under Active, select Manage.
  6. Select QuickBooks Self-Employed and then Cancel Subscription.

Purchased from the Google Play Store (Android)

  1. On your phone or tablet, open Google Play.
  2. Sign in to your Google account.
  3. Select the Menu ☰ icon.
  4. In the Subscriptions section, look for QuickBooks Self-Employed.
  5. Select Cancel and follow the onscreen steps.

Do you want to cancel your QuickBooks Self-Employed mobile subscription? Check this article for more information.

  1. Select Settings ⚙.
  2. Select Billing Info from the drop-down menu.
  3. Click Cancel your account.
  4. Select Keep QuickBooks Self-Employed option.
  5. Click Change subscription.

Was this helpful?

You must sign in to vote, reply, or post