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(Before I start I would like to let everybody know this is more like a review about QuickBooks than a question. However, this post does include questions so if anybody could answer please do for me and everybody. I am leaving this review here because I cannot find a right review page on QuickBooks, and I would like potential QuickBooks users not to face the same confusion as me.)
Hi QuickBooks users!
Basically, I am VAT registered self-employed, and I used different tax software. But I decided to join QuickBooks because I might have rental income in the future, but the software I used does not support it.
All the problems start from here.
Obviously, before I joined QuickBooks I googled if I could enter property related entries onto the QuickBooks system. Now I cannot find the post I read but there was one saying we could - sorry that I cannot provide the right proof for this. I thought Quickbooks was the right one for me so I checked more information on the Quickbooks website.
First of all, I need to submit Self Assessment including a rental income report.
Frequently asked questions
Do landlords have to submit Self Assessment?
You'll need to submit a Self Assessment if you rent out a property and have earned:
- between £2,500 and £9,999 before your allowable expenses
- over £10,000 before allowable expenses
I found FAQ above from the link below.
HMRC Self Assessment made easy with QuickBooks
This does make people think QuickBooks provides Self Assessment for Property Income, but it does not. Why is that Frequently Asked Question there?
Before I joined I also needed to check 'Plans & Pricing' on QuickBooks.
Now, I am sure some of you guys realised something wasn't right when I introduced myself as 'VAT Registered and Self Employed.' As you know, a VAT registered business needs VAT Return and a self employed person needs Self Assessment. However, QuickBooks does not support VAT Return and Self Assessment at the same time. But look below...
I chose on the top 'Manage VAT & Self Assessment' because that's what I exactly needed. Under that category, all the plans include 'HMRC Self Assessment Preparation.'
But if you go further down the page you will see this 'Full Feature Comparison.'
The column you can see those green dots are for the 'Self Employed' plan which can be chosen under the 'Manage Self Assessment only' category in the first screenshot. Do you see 'HMRC Self Assessment' in the middle of the screenshot above? Yes, only the Self Employed plan can do Self Assessment. None of the other plans cannot.
If you want to check the full page of 'Plans and Pricing,' here is the link.
https://quickbooks.intuit.com/uk/pricing/
Why is 'Manage VAT & Self Assessment' (in the first screenshot) when QuickBooks does not provide both services?
Why is 'HMRC Self Assessment Preparation' there? (in the second screenshot) Does it mean something else that I don't know?
I paid for the 'Essentials' plan after checking the content in the first and second screenshots.
Only after I imported all the data from the old software to QuickBooks, I realised those features they advertise and promise don't work at all.
I won't say much about the time and effort I have made to import all the data and check so many posts to make things work for Self Assessment which will never because I subscribed to a wrong plan in the first place thanks to QuickBooks.
Did I misunderstand any by any chance? (I still hope there is a hidden new Self Assessment feature somewhere although QuickBooks doesn't support the Property Income feature so I will leave anyway.) If so please let me know. I am pretty new to the business world so I have lots to learn. It's exciting but overwhelming too.
Otherwise, if you face the same situation as me I hope this post will help you even just a little bit.
I am looking forward to hearing from you guys then. Cheers!
Best answer March 09, 2021
Solved
Accepted Solutions
Hello, Jay556.
I appreciate the review and all the details you included in your response. I'm here to clear things up between the features of the Online and the Self-Employed versions.
QuickBooks Essentials (and other plans) does have the ability to track Self-Assessment taxes and the VAT rates.
On the other hand, the Self-Employed version can only track the Self-Assessment income alone. It doesn't support VAT tracking as of this time.
In a nutshell, the main difference between the Self-Employed and the Online versions are the features and how they handle your taxes.
The former is meant for self-employed individuals who have basic needs. The latter is meant for small business with complex needs such as payroll, invoicing, bills and so on.
Regarding the confusion on the full product comparison section, the page might not have been updated yet to reflect the recent product changes.
The Self-Assessment module is a new addition to the the rest of the plans. The comparison section will be changed as soon as possible.
Going back to the plan you subscribed to, you'll be able to track your VAT and Self-Assessment income taxes. If you still want to use the program, simply go to the Taxes menu. Then, click the VAT or the Income Tax tab.
For more details about the VAT and the Income Tax in QuickBooks Online, you can check these articles:
We have other help resources to assist you in managing your books and business if you decide to continue your plan. As you move along, you'll find them useful in recording transactions, running reports and such.
Browse them in our articles list page. At the bottom, you narrow down your search by selecting a specific topic.
I'm willing to listen any other concerns or reviews you might have for both Self-Employed and the Online versions. It takes courage to step into the business world and I do hope you'll grow your business.
Hello, Jay556.
I appreciate the review and all the details you included in your response. I'm here to clear things up between the features of the Online and the Self-Employed versions.
QuickBooks Essentials (and other plans) does have the ability to track Self-Assessment taxes and the VAT rates.
On the other hand, the Self-Employed version can only track the Self-Assessment income alone. It doesn't support VAT tracking as of this time.
In a nutshell, the main difference between the Self-Employed and the Online versions are the features and how they handle your taxes.
The former is meant for self-employed individuals who have basic needs. The latter is meant for small business with complex needs such as payroll, invoicing, bills and so on.
Regarding the confusion on the full product comparison section, the page might not have been updated yet to reflect the recent product changes.
The Self-Assessment module is a new addition to the the rest of the plans. The comparison section will be changed as soon as possible.
Going back to the plan you subscribed to, you'll be able to track your VAT and Self-Assessment income taxes. If you still want to use the program, simply go to the Taxes menu. Then, click the VAT or the Income Tax tab.
For more details about the VAT and the Income Tax in QuickBooks Online, you can check these articles:
We have other help resources to assist you in managing your books and business if you decide to continue your plan. As you move along, you'll find them useful in recording transactions, running reports and such.
Browse them in our articles list page. At the bottom, you narrow down your search by selecting a specific topic.
I'm willing to listen any other concerns or reviews you might have for both Self-Employed and the Online versions. It takes courage to step into the business world and I do hope you'll grow your business.
Good to have you back, Jay.
You're welcome and glad I was able to clarify the things from your previous response. I'll certainly give more clarifications on the modules.
The new HMRC Self Assessment Preparation module on the Online version will only offer reporting in preparation for the SA103 form. This is only a simple report with a breakdown for all of the categorised transactions in QuickBooks.
On the other hand, the Self-Employed version offers a more detailed variant for the module. It has built-in guide on which boxes the categorised transactions will fall under. There will be a downloadable tax summary or detail report to make your tax filing easier.
More details can be found here:
Regarding question two, I would agree that your understanding on both of the points are correct. However in QuickBooks Online, it only offers you a simple reporting. Everything has to be done manually after getting the report.
The Self-Employed platform on the other hand, lets you prepare those Self-Assessment tax returns using a tax summary or detailed report. So technically, you're able to prepare your tax returns from the program.
Here's a sneak peak preview on what the modules would look like:
In QuickBooks Online:
In QuickBooks Self-Employed:
If you need more help, we have articles to guide you on what you can do in the program. Simply select a topic in our general support page, then look for an article (change the product under Topics for section).
I'm willing to give out some more information if you have more questions. You can tag me in this thread and I'll get back to you the soonest.
