I'd like help to clarify what I should be entering in the Tax Profile under the settings menu.
I am employed so have an income already, but have set up as a sole trader too.
I want Quickbooks to tell me how much tax i am going to have to pay on my own business.
In "Personal allowance amount" I should enter £12,500 - the standard allowance, but I already reach that and pay tax on my salary via my employer.
So instead, do I enter the tax allowance for sole traders which is £1000?
Will that calculate the tax correctly?
Do i need to put anything in the "Employment income" section?