Estimated Tax - Self Employed

Hello Paula

The estimated tax on the dashboard shows the estimated amount of taxes that you would have to pay. If you go to taxes>in the self assessment summary will give you the actual figure for the Self Assessment so far.

Emma

Hi there

Thanks for your reply.  I have looked and see that the figure in my self assessment is the same as the estimated tax, however, this is over a third of what I have invoiced  and is a very different figure to the one that I have seen on other tax calculators.

Paula

I've also found the the estimate tax is massively inaccurate. Any idea how it's calculated in quickbooks?

Hello there, @awsduncan.

I’ve checked our records it seems we don’t have an open investigation about estimated taxes in QuickBooks Self-Employed. 

As mentioned by my colleague IamjuViel, some factors can affect resulting to inaccurate estimated tax. 

You’ll have to double-check if the tax settings and projections are entered correctly so the amount will be correct. 

Here's how:

1. Click the Gear icon.
2. Go to Tax profile.

 You can also check this as a reference: How QuickBooks Self-Employed tracks self-employment taxes.

Once it's all good, you can pay the estimated quarterly taxes if it's due already.

I'm just a post away if you have any follow-up questions. You can click the Reply button and I'll get back to you as soon as possible. Thanks.

You should definitively investigate it. The estimates are highly inaccurate. Also the links you’ve posted are for taxes in the US rather than the UK. 

BTW could you tell us a bit more about how quickbooks calculators tax due?

Hello Wsduncan, More information on the Self Employed package and how it calculates the tax summary can be found here  Essentially based on the information you have added in your tax profile(including what you have used of your allowance if you are also employed) will then based on your income, spending and allowable expenses entered work out the tax summary including the income tax due.

My Tax Summary doesn't calculate any either. I have just been told by QBSE Chat Support that "The Tax summary will ONLY calculate if I am BOTH Employed & Self Employed" - surely this cant be right, can it??

To test this, i entered figures in the Estimated employment income & the Other Income fields in my Tax Profile - the outcome was the same, a £0 Income Tax showing in the Tax Summary Report,

How do you get it to work?

UPDATE: If I enter a lower than accurate figure (£9000 for example) in the Personal Allowance Amount field of my Tax Profile, I can get a figure to come up in the Tax Summary Report - Progress! Although I have no idea what its calculating, its certainly not right.

Hi there, sherylcookson.

I see the duplicate post of your concern. Let me route you to the link of your similar post where my peer answered and gave further information regarding your concern. Please check this link: https://quickbooks.intuit.com/learn-support/en-uk/other-questions/using-the-qb-self-employed-tax-cal...

Don't hesitate to post here in the Community if you have further QuickBooks concerns. I'll always around to help. Take care always. 

But how do I find my estimated tax bill figure on quick books

Hello Huwcligs, thanks for posting on this thread, so you can see this in the taxes section, in the self-assessment summary .