Tax not showing pre trade expenses

I understand the importance of reporting the accurate expenses in your books, Tina.

I appreciate you for sharing the complete details of your concern. You may encounter such an issue if your expenses are not accurately categorised. Not to worry, we can review the pre-trade transactions and ensure the correct categories are linked accurately.

Here's how:

1. Open your QuickBooks Self-Employed account.
2. Go to the Transactions menu.
3. Find the expense transaction.
4. Select the drop-down icon to expand the entry.
5. Review the transaction and ensure the category is correct.
6. Once done, click Save.

To learn more about the process, please see this article: Categorise Transactions in QuickBooks Self-Employed.

For additional guidance in ensuring the pre-trade expenses are shown in the Taxes menu, it is advisable to consult with an accountant. They possess the expertise to provide advice on what options to choose. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you.

Additionally, I've added an article that'll help you automatically categorize your transactions. It ensures the program selects the correct categories: Create Bank Rules.

We're still all ears if you need further assistance with your taxes and transactions. Just add your reply below, and we'll get back to help you.

Thanks for your reply. They are all categorised. When I go onto my tax profile it says that only expenses that come after the date that i started will be included in my self assessment summary report. Should I change the date I started on quickbooks? I’m reluctant to do so as I was still employed at this date. 

 Hello Tina1989, thanks for coming back to us,  so on the, Did your self-employment work start after 5 Apr 2022?   There's only a Yes or No option!
If you want to show the transactions or if your self-employment work started after 5 April 2021, select Yes.
If you don't want the transactions from 2021 to show, select No. 
 

I am actually looking at 23-24. Trying to get it up together and my head around it early. 

I started in September 2023 but made most purchases from April to September 2023. I have stated that my self employment started after April 2023 in my tax profile. 

Hi Tina1989, thanks for clarifying. Only transactions that occurred on and after the self-employment start date in the Tax Profile will be included in the Self-Assessment summary report. 

The date entered can be edited at any time - if you're unsure on which date to put, we recommend speaking to your accountant or HMRC for best practice. Hope this helps :)