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Level 1

Estimated Tax

Hi there, On my QB dashboard it says that my estimated tax is £0 even though I've received payments for the invoice I've issued and logged expenses etc. Does the Tax Estimate update live or only towards when the tax return deadline is?
11 REPLIES 11
Level 1

Estimated Tax

I have just removed the Personal Allowance from the Tax Profile, and it calculates estimate tax. I have a Full time job with PAYE so my personal allowance is used by that, do I need to enter a personal allowance on the Tax Profile setup?
QuickBooks Team

Estimated Tax

Good  job for finding out why the estimated tax isn't calculating, WBJ Designs.

 

Regarding your other concern, once your personal allowance is used for PAYE, then you'll have to enter the information on the Tax profile setup. Here's how:

  1. Click the Gear icon beside your name.
  2. Select Tax profile.
  3. Enter the figure in the Personal allowance amount field.
  4. Click Save.

Although, I suggest conferring with your tax adviser since it will affect your estimated taxes.

 

Let me share to you the article about QuickBooks Self-Employed UK Tax Profile Set Up.

 

You've got us if you need more help. Just pop a comment below, and we'll get back to you as soon as we can. 

 

 

Level 1

Estimated Tax

I understand how to setup the tax profile, but I do not understand why when I put my personal allowance in the field, QB stops calculating the tax estimate. Only when I remove my personal allowance does it start showing a tax estimate.
QuickBooks Team

Estimated Tax

I'll help you understand why the tax rate is 0%, WBJ Designs.

 

Based on the HRMC, if your personal allowance is up to £11,850, the tax rate is 0%.

 

For self-employed workers, there are two types of National Insurance depending on their profits:

  • Class 2 (Profits are £6,025 or more a year).
  • Class 4 (Profits are £8,164 or more a year)

I'll share some articles so you'll have a better idea about tax rates and personal allowances:

You can get back to this thread if you have more questions. 

Level 3

Estimated Tax

I'm also having this problem. Please see screenshot.

 

I have set my Tax Allowance to £12.500 (the allowance for 2019-2020) and as you can see, my earnings have exceeded this threshold, but my estimated tax is still showing as zero. 

 

This didn't happen last year, where my estimated tax was updated with every transaction - so this seems to be a bug in the system - please report it to technical guys or advise a way to fix it?

 

Cheers,

 

Gareth

 

QuickBooks Team

Estimated Tax

Hello Gareth

 

Thanks for the Screenshot. We need to look into the account further. We need if possible your email address.Unfortunately as this Community is a public post it will redact this information.Currently the tool where we can find this information in the background is not allowing us access. Could you if possible PM QuickBooks UK on either Facebook or Twitter with you email address and advise it is regarding estimated tax zero and we will look into this further for you.

 

 

Emma

QuickBooks Team

Estimated Tax

Hello Gareth

 

We managed to get the details to look at the account. We have spoken with our engineers  and tested in a test version and we get the same result. After looking into this further we have found clicking on the estimated tax figure would usually send you into the taxes section and the tax summary

For the moment to view  the actual figure if you go to the taxes tab on the left  hand side and you will see the income tax figure within the Self Assessment summary.

 

Could you reply back with a screen shot of the taxes page as well showing the tax figure and what we will do is raise and escalation with our engineers to see if we can get this changed.

 

Emma

Level 1

Estimated Tax

Hi,

 

I'm new to Quickbooks.

It seems that I'm having the same issues.

I have come from a full-time job to self-employed. I have put in all my details for the Tax Profile, but Estimated tax is showing £0. 

Can you help me, please?

 

Thanks 

 

Brent 

Moderator

Estimated Tax

Thanks for joining this conversation, BrentCrouch.

 

It's possible that the net income has a greater amount than the business income. Using simplified expenses, your self-employment taxes are base on the following:

 

  • Projections based on your recorded business-related income and spending.
  • Allowable expenses.
  • The information you have set up in your Tax Profile.

 

Just make sure to categorize your transactions correctly so you'll have an accurate estimated taxes. Also, you can review the information entered in your Tax Profile settings. Please refer to this article for more insights: How we calculate estimated tax payments.

 

I also suggest consulting your accountant for further guidance in selecting the proper categories for your transactions.

 

For additional information, consider checking out these articles:

 

 

Reach out to me in the comment section if you have any other issues or concerns. I want to make sure everything is taken care of for you. Have a wonderful day!

Level 1

Estimated Tax

Hi, 

 

Thank you for your support, but it seems that it's still not working? 

 

Thanks 

Brent 

 

Moderator

Estimated Tax

Hi BrentCrouch.

 

Since you continue to get the same result, I recommend reaching out to the Customer Care Team for assistance. 


They can pull up your account in a secure environment, which we are unable to do so in this public forum. If the problem requires further analysis, our representative can create a ticket and send it to the engineers for investigation.

 

To get our contact number, click the Help icon in the upper right-hand corner. From there, select the Contact us link below the Need support? section.

 

For additional reference, you can use the following articles about filing your taxes at the end of the year and reports you can run to verify your tax return: 

If there's anything else you need help with, feel free to hit that Reply button. Have a great day ahead.