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Level 1

Estimated Tax Zero despite tax profile correct

Updating Tax Profile As Estimated Tax Looks Very Low!
 
 

I started using QuickBooks Self Employed.  I'm a little worried though that the Tax calculation isn't correct as its seems very low indeed.

 

The reason I think its low is that I have a PAYE income coming in too which will easily take up my Personal Allowance. So in my mind as my PAYE takes up my person allowance I should be paying tax!

 

In the Tax Profile I have the personal allowance set correct as I know that to be correct and I have a correct figure of my PAYE income (Before Tax) in the Estimated employment income box. Other income is Zero.

 

I have been given an extra 2 weeks to sort this by HMRC before I upload my self assessment

5 REPLIES 5
QuickBooks Team

Estimated Tax Zero despite tax profile correct

Welcome to the Community, @kplanet78.

 

It's possible that you've entered an incorrect business income, allowable expenses, and tax code in your Tax Profile. Let's make sure that they're entered in your Tax Profile correctly.

 

Before we proceed, please know that paying income tax based on your Net Profit. And it's the difference between your total income and total allowable expenses. Thus, this is reflected on your Self-Assessment Summary page.

 

Here's how:

 

  1. In your QuickBooks Self-Employed, click the Gear icon.
  2. Select Tax Profile.1.PNG
  3. Go to the Tax profile tab, then enter the correct deduction. (Your Home Office Deduction will reflect in your Self-Assessment Summary page).
  4. Click Save.2.PNG

Here are some articles you can read for more details:

 

If you need further assistance with your estimated tax, I suggest contacting our Phone Support Team. This way, they can review your account and help you with preparing your estimate tax.

 

Please know you can continue to reach me here with any additional questions. Thanks for coming to the Community, wishing you continued success.

Level 1

Estimated Tax Zero despite tax profile correct

Hi thanks for the reply. I had already done all of this. But still showing 0 tax 

 

 

Moderator

Estimated Tax Zero despite tax profile correct

Hello there, kplanet78,

 

Since the steps provided didn't change anything on your tax calculation, I recommend contacting our QuickBooks Self-Employed support. We'll be able to check your account and see why it's not calculating.

 

Here's how:

  1. Click Assistant at the top.
  2. Type talk to a human.
  3. Select from Message an agent (Live chat), Call an agent, or Get a callback.

I'll be here if you have other concerns.

Level 1

Estimated Tax Zero despite tax profile correct

I had the same problem asked the helpdesk and they said Quick books cant take employed income into consideration only self-employed income

Moderator

Estimated Tax Zero despite tax profile correct

I appreciate you joining this thread, Mark T.

 

I appreciate you joining this thread and sharing your experience with incorrect tax calculation.

 

I know that you've already contacted our support team a few times and I appreciate your patience. However, if your still having issue with your tax calculation after performing Mark_R's recommended steps, you'll need to get in touch with our QuickBooks Care Team. This situation requires thorough handling and they have the special tools that can help investigate to come up with a fix.

Below are the instructions on how you can reach them:

 

Here's how:

 

  1. From the Assistant tab, type or say Talk to a human.
  2. If you want to connect with us directly, type or say Talk to a human.
  3. Then select your preferred support method: Message an agent (Live chat), Call an agent, or Get a callback.
    QBSE Phone.PNG

The details on how to get in touch with the support is outlined in this article: How to contact QuickBooks Self-Employed Support.

 

It would be great if you'd let me know the results. I want to make sure everything is working fine. Take care and have a good one!​​​​​​​