Hello, Im quite new to Quickbooks and am just getting setup etc. I have an issue that i cant seem to figure out in that i am currently Full Time employed and also have a self employed side business, that i am using quickbooks for. How do i load my PAYE earnings into quickbooks so that i get an accurate reflection of how much tax i am owe/due in regards to my allowances being already used up for my full time PAYE employment?
Maybe im missing something, but there doesnt seem to be an easy way to do this?!
This is a detailed reply but in my opinion doesn't seem to answer the question. I have the same question.
I've already received my personal allowance within my PAYE employment. I don't need to calculate tax on that. However, any additional earnings I make in self employed are taxable from my first penny of additional earnings because I've already had my tax free allowance in my PAYE employment.
I have put in my estimated (actual) PAYE earnings from my P60 document for tax year 2019/2020. However, I wonder if I need to change my tax free amount on quickbooks self employed from £12,500 to £0 for it to automatically calculate the tax I will owe?
Any advice welcomed from people who are both PAYE & self employed and use quickbooks to calculate their self employed tax. Thanks
You can follow the steps shared by my colleague above to enter the PAYE earnings since QuickBooks Self-Employed (QBSE) doesn't the option to automatically calculate it. However, I highly suggest consulting with your tax adviser so you'll be guided in selecting the proper categories for your transactions and earnings.
Just in case, I'll add these articles for future reference: