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Recording PAYE employment transactions

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If i also have PAYE employment, how should i identify this income in quickbooks transactions so it doesn't mess up my tax calculation?

QuickBooks Self-Employed

E

EmmaMAnswer

Level 10

Hi

If I add my income under this, do I also need to show it as a business profit (imported form my account)? Or would that duplicate it?

Thanks

Hello Fiona Lou

If you are adding income in the estimated employment income section in the tax profile section it will only be there as something for you to reference when filling in the SA103F form on HMRC website.It will not affect the tax summary report or income tax calculation within the QuickBooks product itself.The tax summary report includes boxes 15-47 of the SA103F .Box 47 being net profit.You can add any business income via the transactions section and that will impact the tax summary.

The QuickBooks product does not take PAYE into account it has not been made to deal with already taxed income.

Any questions just reply back here in the Community

Emma

E

EmmaM

Level 10

Hi JP19

Are you using the Quickbooks Payroll?

Kind regards

Emma

J

jp19Author

No, I am operating through quick books self employed. But some of my income is PAYE and has been taxed at source. Currently I’ve categorised it as wages but it then classes it as business expenses. Should I just categories as personal to remove it from the equation in terms of reporting on my self employed finances? Thanks

MaryLurleenM

Level 6

Hello, Has this been resolved? The whole reason I wanted to use QuickBooks was to not get involved with an accountant and simplify my tax but this thread and others indicate that you can't recommend what to when people get paid through PAYE when also freelancing. This clearly happens a lot, is there any way the next update can include an option to indicate fees that have had tax and NI taken at the source? Please please advise? Best, Abi

Hello there, Abskybabs,

You can add your PAYE employment transaction on the Tax profile. The tax profile lets you enter the other income you have aside from self-employed income. You can add it under estimated employment income.

Here's how:

Click the Gear icon.
Select Tax Profile under Taxes.
Go to the Estimated employment income field and enter your PAYE earnings.
Click Save.

This is how it should look like:

I'll be around if you have other questions.

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