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Charlie999
Level 2

Updating Tax Profile As Estimated Tax Looks Very Low!

I started using QuickBooks Self Employed around the beginning of this Tax Year and have been busy logging my new self employed transactions and mileage. I'm a little worried though that the Tax calculation isn't correct as its seems very low indeed. The reason I think its low is that I have a PAYE income coming in too which will easily take up my Personal Allowance. So in my mind that being the case if the Self Assessment Tax summary shows me with a positive Net Profit I should be paying tax!

 

At the moment if I put in a fictitious amount so the Net Profit is +£10,000 it shows me as estimated tax of £296 shouldn't that be closer to £2000?

 

In the Tax Profile I have the personal allowance set to £12111 as I know that to be correct and I have a correct figure of my PAYE income (Before Tax) in the Estimated employment income box. Other income is Zero.

4 REPLIES 4
TaliaI
QuickBooks Team

Updating Tax Profile As Estimated Tax Looks Very Low!

Hello Charlie999,

 

Do you have access to Facebook or Twitter so you can PM us your email address and we can look into this further for you?

 

Thanks,

 

Talia

Charlie999
Level 2

Updating Tax Profile As Estimated Tax Looks Very Low!

Just done it via Fecebook cheers. 

emilylouiseslater
Level 1

Updating Tax Profile As Estimated Tax Looks Very Low!

I am having the same issue. 

I have a PAYE income of 11000 but it is showing with business income my tax owed is 0 which surely isn’t right?

JoesemM
Moderator

Updating Tax Profile As Estimated Tax Looks Very Low!

Hello there, @emilylouiseslater.

 

QuickBooks will calculate your self-employment taxes based on your business income, spending, allowable expenses, and the information you have set up in your Tax Profile.

 

 Also, it is based on the HRMC, if your personal allowance is up to £11,850, the tax rate will be 0%. For self-employed workers, there are two types of National Insurance depending on their profits.

 

For additional reference, you may check this article: QuickBooks Self-Employed UK Tax Profile Set Up.

 

However, if the setup is correct and the tax showed zero, I'd suggest contacting our Customer Support Team. They have more tools to check your account securely and provide more details about this.

 

Before diving in, please note that our live support is available M-F 6 AM to 6 PM and Saturday 6 AM to 3 PM PT. 

 

When you're ready, here's how to get started:

 

  1. Click the Assistant button at the top.
  2. Type Talk to a human.
  3. Select your preferred support method: Message an agent (Live chat), Call an agent, or Get a callback.

 

To help give you a better idea about Income Tax rates and Personal Allowances, check out these articles:

 


Feel free to leave a comment below if you have any other questions. I'll always be around to lend a hand.

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