Tax Profile and Employed Income

iansmithartist · ‎July 11, 2021

I'm seeing a discrepancy between my tax owed between my online self-assessment and Quickbooks.

I am both self-employed and employed. I've entered my income from my employer into my Tax Profile but it doesn't seem to have any affect on my tax estimate, Quickbooks states £0 for Tax and Class 2 NIC.

But when submitting my online self assessment it states I do required to pay tax. My income through self-employment alone is low enough not to pay tax, but with my employed income it is.

I've read multiple forum posts about entering employed income into the Tax Profile, but I think I must be missing something because it seems the Tax estimate is wrong?

DivinaMercy_N · ‎July 11, 2021

Welcome to the QuickBooks Community, @iansmithartist.

Let's first check the info you entered on your Tax Profile. Verify that you input your business income, allowable expenses, and tax code correctly. Here's how:

Sign in to your QuickBooks Self Employed (QBSE) account.
Select the Gear icon and choose Tax Profile.
From there, check the info you've entered and then make necessary changes.
Once done, click Save.

You can also reach out to our Customer Care team to further help you with your estimated tax. They can pull up your account in a secure place and thoroughly review your setup.

Then, QBSE used Schedule C in recording your income and expenses. To know more, check out this link: Custom categories in QuickBooks Self-Employed.

I'm always around if you have additional questions about your estimated taxes. Feel free to leave a reply below. Have a good one.

SKT252525 · ‎February 11, 2022

I have the same issue, the tax profile appears to double count your tax free allowance as a single or married person. If you remove the allowance or set it to zero it works properly.

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