I work a full-time job and earn approx £47K, so I am close to the higher rate of tax threshold. All my personal allowance is with my PAYE full-time job.
I am about to start working self-employed (in addition to my full-time job).
I understand that I will pay tax to HMRC on my self-employed income in arrears. I am assuming that my self-assessment tax return will add up my total income and tax payments in the previous year (PAYE and Self employed) and tell me how much extra I need to pay.
I have two concerns.
1. I need to know how much I owe at any point in time so I can ensure I have put enough away to cover my current tax liabilities, BUT not starve my business of valuable cash flow (by being over cautions).
2. the transition across the lower and higher tax bands, this is going to be hard to work out my-self. I was hoping Quickbooks self-employed could help me with this.
The more I read in the forums, it seems that Quickbooks will not be able to help me with either of these two issues, although they seem to be the most basic accounting requirements of a self-employed person.
Am I missing something?????