Hi, Does anyone know how I should process monthly Hire Purchase payments for my Car (I am a driving instructor) and just to complicate matters further I also paid a deposit and traded in a car.

userpv-douglas · ‎September 15, 2021

ReymondO · ‎September 15, 2021

Thanks for sharing your concern in the QuickBooks Community.

QuickBooks Self-Employed (QBSE) lets you track your business income and expenses. Aside from that, you can assign business expenses to SA103F Categories which you can claim as allowable expenses for self-employment.

For now, processing monthly Hire Purchase car payments is unavailable in the program. If you wish to process and properly categorise these payments, I'd recommend reaching out to a professional tax advisor. This way, they can provide you the right assistance in handling your business expense.

To know more about the type of expenses you can deduct and those you can't, check out this article: SA103F Deduction Categories

The Community always has your back, so please let me know if you have any other questions. I'll be more than happy to help. Keep safe.

View solution in original post

ReymondO · ‎September 15, 2021

Hi there, @userpv-douglas.

Thanks for sharing your concern in the QuickBooks Community.

QuickBooks Self-Employed (QBSE) lets you track your business income and expenses. Aside from that, you can assign business expenses to SA103F Categories which you can claim as allowable expenses for self-employment.

For now, processing monthly Hire Purchase car payments is unavailable in the program. If you wish to process and properly categorise these payments, I'd recommend reaching out to a professional tax advisor. This way, they can provide you the right assistance in handling your business expense.

To know more about the type of expenses you can deduct and those you can't, check out this article: SA103F Deduction Categories

The Community always has your back, so please let me know if you have any other questions. I'll be more than happy to help. Keep safe.

userpv-douglas · ‎September 19, 2021

Thanks, this seems like a feature that should be available as a driving instructor a car is essential, is there plans to make HP payments available in the app?

MJoy_D · ‎September 19, 2021

You're welcome, @userpv-douglas.

Our developers might introduce this feature in the future. I can see that this would be a great addition to the current features that we have in QuickBooks Self-Employed (QBSE) for self-employed individuals. I'll take note of this. I also encourage you to leave the feedback from within the product. Just follow the steps below:

Go to the Assistant button from the top bar.
Enter Send feedback from the chatbox.
Click on Add a feature and enter your suggestion.

For now, you can visit the QuickBooks Blog to check for new updates and features that we have.

Here are also some of the articles that can help you achieve basic tasks in QBSE: QuickBooks Self-Employed Help articles.

I'm always here to provide help and answer any questions that you may have about your QBSE account. Just let me know by leaving a reply below. Keep safe and have a great rest of the day!

Dee71 · ‎September 28, 2021

I'm very surprised that their isn't a function to accommodate this as I too have bought a car on HP and need to have this as a function to show what I have been paying each month to be able to claim. How can we get a true reflection of the expense of a vehical?

Topics

Training

Community

Resources

Hi, Does anyone know how I should process monthly Hire Purchase payments for my Car (I am a driving instructor) and just to complicate matters further I also paid a deposit and traded in a car.