I want to find out how I can split various revenues and expenses in a partnership between two individuals on a transaction by transaction basis, and be able to see tax computations for two self assessment submissions.

Hello there, @gat-demetriou-gm.

I’m happy to share some information about splitting transactions.

In QuickBooks Self-Employed (QBSE), you can split transactions between business and personal as an amount or percentage. Thus, being able to split transactions between two individuals and see tax computations for two self-assessment submissions is unavailable. 

To split the transaction, here's how:

1. Go to the Transactions menu.
2. Find the transaction you want to split.
3. Select Split from the Type column.

For more details about this feature, see this article: Split transactions in QuickBooks Self-Employed.

To help manage your business and personal transactions in the program, here are some articles that you can browse:

• Categorise transactions in QuickBooks Self-Employed
• Create rules to speed up reviews in QuickBooks Self-Employed
• Transfers between accounts in QuickBooks Self-Employed

Let me know if you have other concerns about splitting and managing transactions in QBSE. I'm just around to help. Take care always.

Thanks a lot. Just to clarify,did you say preparing two self assessments IS NOT possible from quick books self assessment?

I thought it may be possible to leverage the categories / labels to filter on each person's self assessment report?

If not, is there another QB package that could achieve this?

Thank you for your prompt reply, @gat-demetriou-gm. Let me answer your question about splitting transactions in QuickBooks Self-Employed (QBSE).

Yes, as per my colleague, tax computation for two self-assessment submissions is not available.

To achieve your goal, you can add a separate subscription for the split transaction and see tax computations for two self-assessment submissions.

Otherwise, you can subscribe to QuickBooks Online (QBO). All QBO versions are designed for different business types. All you have to do is create a supplier profile and a separate equity account for each partner.

You can check out this article to add an owner or partner to your books.

For more details about QBO feature comparison you can check out this link: QuickBooks Online United Kingdom Plans and Pricing.

Let me know in the comment section if you need further assistance with splitting transactions. The Community always has your back. Have a great day!

Thanks. And which specific QBO package would you recommend to be able to attribute various expenses and revenues at the transaction level between each partner? I.e. for my particular requirement, it's not as simple as saying 50:50 for everything, as an example.

I’ve got you covered, @ gat-demetriou-gm.

We're unable to suggest a specific QBO version for you. What I can suggest is for you to check the page that lists all
features for each version. From there, you can decide which one works best for
you.

 Once you decide which plan you want to subscribe to, I'll walk you through the steps:

1. Go to the Intuit account page.
2. Choose the Create an account option. You can also add payroll optionally.
3. Please provide your email address as well as your phone number. You may already have an account if you get a warning that says "This user ID is already taken." Enter your email address and click the “I forgot my User ID or Password link”.     
4. Make a password for yourself. 
5. Select Create Account or Sign up when you're ready.

Then, QuickBooks will send you a link with instruction to verify your email address. Then you’re all set.

Additionally, you can also use the 30 days free trial to experience what really
suits for your business. Just hit the button to avail the free trial button.

Let me know if you have more clarification about plan and pricing in (QBO). Enjoy the rest of the day!

Sorry, my question is very specific and it's not been answered... I don't need any of the extra features listed on QBO, just what I meantioned above in my post. To repeat - I need to be able attributes revenues/expenses on a transaction by transaction basis such that I can produce two self assessment reports for each equity partner (not 50:50). 

It's worth highlighting that I've already signed up to the QBSA package and realised that it does not suit my needs. I want to ensure that the next one migrate to is the right one