Quickbooks (Desktop)
Based on a Ltd Company with 1 director only.
1. How do I add my monthly miles to my monthly accounts? e.g 956 miles at 45p a mile = £430.20. I need to put this into my expenses so it is subtracted from my gross profit etc.
2. Does it input the info £0.45p for first 10k and £0.25 after the first 10k?. I've noticed it doesn't is their anyway I can do this?
3. Does it work out corporation tax / personal tax? e.g I want to ensure I have saved enough for my TAX bills. Does it workout running Tax bills due to the ongoing profits etc?
4. Can you in put transactions? I purchase a lot of stuff on through my own personal account/money etc. So it wont show this on my connected business bank account. This will be classed as a 'directors loan' with the monies spent etc. I need to know if I can add these transactions / expenses. I have receipts etc?
5. Does it work out how much you should set aside for your tax bill depending in your income - Monthly update etc. As asked in Q3 above.
6. What category is directors salary? When going through my transactions I have a directors salary what I pay myself etc. But what category do I put this in?
7. What category is sub contractor wage? I have sub - contractors, on my transactions what category do I put this as?
8. Do all transactions need receipts attached? My business account is linked into my Quickbooks and I sort through my transactions each month but do I need to add my receipts to these transactions? if so how?
9. Ive categorised my sub-contractors wages, to 'wages salaries and control'….. but it doesn’t show in my profit and loss report as an expense?
10. My dividend? What do I categorise this to? As a director I pay myself a monthly dividend what category do I choose for this?
11. Does the system know not to add dividends as an expense?
12. Does the system add the income tax on dividends? If I pay myself a dividend of over 2k there will be income tax due to be paid, does it keep track of this?
13. What is the reason for taking a pic of receipt?
14. How do I see a break down? I want to see:
• Monthly breakdowns
• Gross Income / Net Income
• Expenditure
• Corporation Tax - Ongoing Value
• Income Tax - Ongoing Value
15. Income Tax - If the system keeps a running cost of what is due does it work out your personal allowance first? ie : 12.5k before paying income tax
16. Directors Dividends - If the system keeps a running cost of what is due does it work out your tax free allowance first? Will it work out what Dividend tax rate you are classed as?
A lot of questions but I need to ensure get it right first so I dont give myself further work down the line.
