HOW TO MARK DOWN INCOME FROM A SALARY THAT HAS ALREADY HAD TAX PAID ON IT

DOUGLAS HUDSON · ‎January 03, 2022

HI there,

I am new to this

Please could anyone help

I’ve just imported transactions for 2020 to 2021 year

during that year i had a mixture of income streams

some from self employed work where i am responsible for my tax and quite a lot from a salaried job..

With all the transactions in one file - how do i label the salaried income so it doesn’t register as needing to have tax paid on it as the algorithm will sweep up all income calculations ….

do i label it as personal ? Or split ? Or exclude it from future including ?

many thanks in advance for any help anyone can give

Carneil_C · ‎January 03, 2022

Great having you join us here in the Community, @DOUGLAS HUDSON . I've got some information you need so you can categorise your income in QuickBooks Self-Employed.

You can mark your salaried income as Personal. All money that’s not part of your self-employed work will be classified this way.

Additionally, personal transactions and deposits such as regular paychecks from an employer (with taxes deducted) can also be categorised as such.

To learn more about Schedule C categories and how to categorise transactions in QuickBooks, you can read these articles:

Also, you can refer to this article to see different information on how QuickBooks Self-Employed tracks your business income and taxes: QuickBooks Self-Employed Overview .

Keep me posted if you still have questions or concerns about your transactions in QBSE. I'll be around for you. Have a great day!

View solution in original post

John C · ‎January 04, 2022

Hi Douglas It's not possible to submit your self assessment from QuickBooks to HMRC as the self employed product is only a partial template of the SA103F. You'd have to use the information from the self employed account and enter it into the actual self assessment form.

View solution in original post

Carneil_C · ‎January 03, 2022

Great having you join us here in the Community, @DOUGLAS HUDSON . I've got some information you need so you can categorise your income in QuickBooks Self-Employed.

You can mark your salaried income as Personal. All money that’s not part of your self-employed work will be classified this way.

Additionally, personal transactions and deposits such as regular paychecks from an employer (with taxes deducted) can also be categorised as such.

To learn more about Schedule C categories and how to categorise transactions in QuickBooks, you can read these articles:

Also, you can refer to this article to see different information on how QuickBooks Self-Employed tracks your business income and taxes: QuickBooks Self-Employed Overview .

Keep me posted if you still have questions or concerns about your transactions in QBSE. I'll be around for you. Have a great day!

DOUGLAS HUDSON · ‎January 03, 2022

Waw - thats fantastic - thanks for such a swift response. - that is that cleared up.

can i ask you - is it very simple to file my accounts straight to the HWRC using the quickbooks —— i am hoping next year to use the Quick books app to do this - I’ve always had an accountant till now - i do actually really like the way this works -

do you do this using the QB system….. ?

is there a link to the steps i need to take to get it right ?

many many thanks again

John C · ‎January 04, 2022

Hi Douglas It's not possible to submit your self assessment from QuickBooks to HMRC as the self employed product is only a partial template of the SA103F. You'd have to use the information from the self employed account and enter it into the actual self assessment form.

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HOW TO MARK DOWN INCOME FROM A SALARY THAT HAS ALREADY HAD TAX PAID ON IT