I'd like help to clarify what I should be entering in the Tax Profile under the settings menu.
I am employed so have an income already, but have set up as a sole trader too.
I want Quickbooks to tell me how much tax i am going to have to pay on my own business.
In "Personal allowance amount" I should enter £12,500 - the standard allowance, but I already reach that and pay tax on my salary via my employer. So instead, do I enter the tax allowance for sole traders which is £1000? Will that calculate the tax correctly?
Do i need to put anything in the "Employment income" section?
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
We have to collect some data when you use this website so it works and is secure. We'd also like your consent to collect data to study how people use our site. Doing so helps us improve our services and allows us to tailor the marketing you see on our site. Select 'Accept all' to agree or 'Manage consents' to choose which cookies we use. You can change your mind at any time by clicking the 'Manage Cookies' link.
Choose your cookie preferences
Some cookies are needed to make our website work and can't be turned off. But we need your consent to use others that are not essential. You can make your choices below and update them at any time using the 'Manage Cookies' link. To find out more, visit our Cookies Policy.
These cookies are necessary for the site to function. They also help us keep your data safe.
These cookies allow us to enhance your experience and remember your preferences, region or country, language, and accessibility options.
These cookies tell us how customers use our website. We study and organize this data to help us optimise our content and provide you with personalised experiences.
These cookies help us provide you with relevant communications and ads in our products and on other sites.