Self Employed - Private Pension and Charity Payments

Hello Amy

What boxes do you need these transactions to hit on the Self Assessment?Is it something you want to show as a dis allowable expense?We have set up the categories to match with the boxes on the SA103F form more information can be found here

Thanks

Emma

Dear Emma, 

Thanks for your response, they are actually items that go into Tax Reliefs in a Self Assessment. 

Paying into registered pension schemes and overseas pension schemes

and 

Charitable giving

I'm therefore not sure if you cover this and I'll just need to this separately as it's not income/expenditure but figures they ask for none the less.  

Thanks 

Amy 

Hi, is there a way of accounting for pension and charity contributions properly yet? There's nothing clear on the website as to how to easily set up and log our private pension contributions in Quickbooks. Surely this must be quite a standard thing to ask. Please can someone explain clearly how to do it?

I have two pensions I pay into - one through where I work regularly, and one through St James Place. I need to set these up so they show on my tax return correctly.

Please can someone help without saying we need to hire an accountant? The reason I pay for Quickbooks is to set things up so I don't need to pay for an accountant!

Thanks

Mark

Hi Mark, thanks for joining this thread. The is no functionality to record pension contributions in QuickBooks Self-Employed. You can exclude the entries in QuickBooks and report these separately on the Self-Assessment form if applicable. Further information can be found on Tax on your private pension contributions and Self Assessment tax returns with HMRC.

We recommend using QuickBooks alongside an accountant to ensure taxes are recorded accurately. If you need any support, you can find a QuickBooks Certified ProAdvisor near you on our online directory. 

I agree with Mark @brent_mused ,

There should be a way to record this in Quickbooks. I have an accountant but it is much easier for me to give them access to my Quickbooks without having to make a separate record of my private pension and charity contributions to send them. There needs to be a section for this, even if it is under 'Personal'.

Just to also add this is a massive failure of Quickbooks.  Massive inconvenience to have to still go through all my banking records to collect pension and charity contributions.  How to we out this forward as a request for improvement? 

Hi there, @Ramble66. Thanks for joining the conversation.

The option to record or categorise pension and charity contributions is unavailable in QuickBooks Self-Employed. What you can do for now is to categorise it as Personal Expense. For more detailed information, you may check this article: SA103F Categories.
 

Moreover, you can send feedback to our developers so they can review your suggestions and help improve your experience in QuickBooks Self-Employed. Here's how:
 

1. Go to the Invoices tab and open any transaction. We're not going to change anything; this is a way for us to see the option to give feedback.
2. Click the Feedback tab on the upper right side. 
3. Enter your suggestion in the field and hit Next. 
4. Follow the on-screen instructions. 

You can also visit the HMRC website to learn more about self-assessment tax returns.

We're open here 24/7, so please don't hesitate to visit us again if you need more help in handling your other transaction. Stay safe and have a productive week ahead.

I know it's not an option.  That's my point!!  

This needs to be improved.