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Make Self Assessment easier

With the Self Assessment deadline around the corner, it's time to tidy up your accounts. Here are 5 simple things you can do in QuickBooks Self-Employed to get there faster.

Ever signed in to QuickBooks Self-Employed and wondered why some of your recent bank transactions are missing? If so, try this quick fix:

From the mobile app

  1. Go to Home.
  2. Scroll down to Accounts.
  3. Select Refresh (it's on the right-hand side).
  4. QuickBooks will search for any new transactions.

From a desktop browser

  1. Go to Home.
  2. Find the Accounts square and select View.
  3. On the new screen, select Refresh all.
  4. QuickBooks will search for any new transactions.

Simplified expenses are a way of calculating some of your business expenses using a flat rate. It’s faster and more straightforward than recording every expense individually. And HMRC allows you to do it for expenses relating to working from home.

There are pros and cons to recording these expenses this way, which you should check out first using HMRC’s simple expenses calculator.

The good news is you can set up QuickBooks Self-Employed to work out your simplified expense calculations automatically.

From the mobile app

  1. Go to Home.
  2. Select the Gear icon on the top right.
  3. On the next screen, select Tax Profile.
  4. Switch on Do You Work from Home?
  5. Select Hours Per Month and enter the number of hours you work from home every month.
  6. Finally, select Save.

From a desktop browser

  1. Go to Home.
  2. Select Gear icon.
  3. Select Tax Profile.
  4. On the next screen, find Do you work from home?  and in the box below, enter the number of hours you work from home every month.
  5. Select Save .

If you entered 25 hours or more, QuickBooks automatically knows the simplified amount you can claim and will add that to your tax report.

Remember, if you want to claim the actual costs and not use the simplified method, then leave Do You Work from Home? switched off (mobile) or keep the box blank (web). You’ll need to continue categorising your bank transactions as normal.

Married or in a civil partnership? HMRC may let you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner.

To find out if you’re eligible and how to apply check out HMRC’s website.

If this does apply to you, then QuickBooks Self-Employed can easily add that tax saving to your tax report.

Here’s how to add the Marriage Allowance to QuickBooks Self Employed:

From the mobile app

  1. Go to Home.
  2. Select Gear icon on the top right hand side of the screen.
  3. On the next screen select Tax Profile.
  4. Below Marital Status select Married.
  5. Switch on Transfer Allowance.
  6. Select Sent if you would like to transfer any of your allowance to a spouse, or Received if your spouse is transferring any of their allowance to you.
  7. Then, to the right of Transfer Allowance Amount add the amount being transferred.
  8. Finally, select Save.

From a desktop browser

  1. Go to Home.
  2. Select Gear icon on the top right hand side of the screen.
  3. In the dropdown, select Tax Profile.
  4. Go to Are you married? and select Married.
  5. The page will change and you’ll see the question Have you received or sent transfer allowance amount?
  6. In the box below select either Sent or Received. Then in the box on the right enter the amount.
  7. Finally, select Save.

QB Assistant is your personal helper that lives inside the QuickBooks Self- Employed mobile app. If you’ve haven’t got around to using QB Assistant yet, now is a great time to start. QB Assistant can answer all kind of Self Assessment-related questions you might have, like “how much did I earn this year?”, “what tax do I owe”, as well as help with practical things like and “how do I upload a receipt?” Here’s how to find it:

From the mobile app

  1. Go to Home.
  2. Select the green plus icon (+) on the bottom right-hand side of the screen.
  3. Then select Ask QB Assistant.
  4. When the new screen opens, type in your question into the field at the bottom of the screen.

QuickBooks can help you save time by excluding more than one transaction at a time.

  1. Sign in to the web version of QuickBooks Self-Employed.
  2. Go to the Transactions screen
  3. Choose which transactions you’d like to exclude by selecting the box next to the date of each transaction.
  4. Select Exclude.

The lowdown on adding expense categories

Ever wondered why the expense categories in QuickBooks Self- Employed are fixed? It’s because they mirror the categories used by HMRC for self- employed individuals. There are two benefits of this:. First, come tax time you can be confident that all your financial data in QuickBooks will match HMRC’s reporting – which makes things much easier.. But Iit also means you can be confident you’re claiming back every penny you’re owed.

 

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