Hi all newbie post alert. Apologies I am new to being self employed and new to completing a return. I have attached a screenshot of my current situation which is up-to-date with accurate financial information. I don’t know if I should have added the mileage on as a business vehicle transaction as mileage is calculated In a separate box on the homepage? The main reason for this post is should my estimated tax at this stage be zero or should I start putting to one side monies to cover a future tax bill? Finally what happens to and National insurance...Should I be paying in Anything at this stage? Thanks in anticipation of your help. Phil
Let's make sure that you entered and categorized all of your business transactions to have an accurate sales tax. Also, you can review the information entered in your Tax Profile settings. Please refer to this page for more details: How we calculate estimated tax payments.
I'll be adding articles that will also help you in handling QuickBooks Self-Employed and how to categorize transactions: