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J
jp19
March 1, 2019
Solved

Recording PAYE employment transactions

  • March 1, 2019
  • 20 replies
  • 47 views

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

Best answer by EmmaM

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

 

20 replies

E
EmmaM
Level 10
March 1, 2019

Hi JP19

 

Are you using the Quickbooks Payroll?

 

Kind regards

 

Emma

J
jp19Author
August 6, 2019
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
E
EmmaMAnswer
Level 10
January 15, 2020

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

 

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