Hi. I'm using QB's self -employed. I started my business in August and was employed through PAYE up to that point. I don't seem to be able to add details from my P45 in terms of income earned & tax already paid to give me an accurate tax liability figure. Anyone know how to enter this information?
i'm in the same boat here. I had used my personal allowance. What's the solution?
May I also ask if there is a way to change your tax year as my company runs July to August but my quick books is set up as april to april
Welcome to the Community forum, @michaelm81.
Yes, you can change your tax year in QuickBooks Self-Employed (QBSE). Let me guide you how.
Please see the screenshot below.
For more detailed information, you can check out this article: QuickBooks Self-Employed UK Tax Profile Set Up.
These articles in managing your taxes can also help you when filing and paying your tax forms:
I'm just here if you need more help. You take care always and have a great day!
Hi thanks for the prompt response. I have done as you have shown, logged out then back in to let it refresh but my transactions are still calculating from April to April. I really need them July to July
I've attached a screenshot to show what I mean. As you can see April is the beginning and end of the graph, is there a way to change that so it is July at the beginning and end. Then all my transactions re calculate within that time frame, because, currently I'm missing 4 months of transactions in my 2019-2020 reports and now have an extra 4 months on my 2020-2021
I'm here to provide further details about handling your self-employed tax information in QuickBooks Self-Employed (QBSE), @michaelm81. This way, you'll be able to determine if it's possible changing your tax year and make sure your account is updated.
The QBSE software is specially designed according to the UK government's regulations. According to HMRC, your tax return should cover from April of the current year to April of the following year. With this, changing your self-employed tax year from July to July isn't an option in QBSE. However, you can pull up the Profit and Loss (P&L) report to view your missing four months of transactions in your 2019-2020 reports. Here's how:
I've attached a screenshot below that shows the last three steps.
Additionally, QBSE UK version isn't a year-end tax filing tool. However, the system helps in tracking your self-employed deductions year-round. It also provides all the necessary reports in completing your tax returns. To download or email your tax details and summary, just go to the Taxes menu. Then, select the specific tax year you want.
To effectively manage your taxes using QBSE, kindly refer to these articles below. The first one answers to the most frequently asked questions about filing your year-end taxes. Then, the second article guides you through year-end tasks to make sure your returns are recorded accurately.
Please let me know if you have other concerns. I'm just around to help. Take care always.