2018-11-23 04:02:08UncategorizedEnglishDo your Self Assessment faster and more accurately with these little known QuickBooks Self Employed tips used by pros. QuickBooks UK Blog....https://quickbooks.intuit.com/uk/resources/uk_qrc/uploads/2018/11/HERO-IMAGE-5-Simple-Tricks-SA-with-QB.jpghttps://quickbooks.intuit.com/uk/resources/uncategorized/make-self-assessment-easier-with-these-5-features-in-quickbooks-self-employed/Make Self Assessment easier | QuickBooks UK Blog

Make Self Assessment easier with these 5 features in QuickBooks Self Employed

4 min read

With the Self Assessment deadline around the corner, now is the time to start tidying up your accounts. Here are 5 simple things you can do in QuickBooks to get there faster.

  1. See new bank transactions faster

Ever signed into QuickBooks and wondered why some of your recent bank transactions are missing? If so, try this quick fix:  

On mobile

  • Go to Home.
  • Scroll down to Accounts.
  • Select Refresh (it’s on the right-hand side).
  • QuickBooks will now search for any new transactions.

On desktop

  • Go to Home.
  • Find the Accounts square and click View.
  • On the new screen select Refresh all.
  • QuickBooks will now search for any new transactions

 2. Work from home? Set up automatic simplified expenses calculations

Simplified expenses are a way of calculating some of your business expenses using a flat rate. It’s faster and more straightforward than recording every expense individually. And HMRC allows you to do it for expenses relating to working from home.

There are pros and cons to recording these expenses this way, which you should check out first using HMRC’s simple expenses calculator. But the good news is, if you decide to go down this road, then you can set up QuickBooks Self Employed to work out your simplified expense calculations for you automatically. Here’s how to do that.

On mobile

  • Go to Home.
  • Select gear icon on the top right hand side of the screen.
  • On the next screen select Tax Profile.
  • Switch on Do You Work from Home?
  • Then select Hours Per Month and enter the number of hours you work from home every month.
  • Finally, select Save.

On web

  • Go to Home.
  • Select gear icon on the top right hand side of the screen
  • In the dropdown, select Tax Profile.
  • On the next screen find Do you work from home? In the box below enter the number of hours you work from home every month.
  • Finally, select Save.

If you entered 25 hours or more, QuickBooks automatically knows the simplified amount you can claim and will add that figure to your tax report.

Remember, if you want to claim the actual costs and not use the simplified method, then leave Do You Work from Home? switched off (mobile) or keep the box blank (web). You’ll need to continue categorising your bank transactions as normal.

  1. Take advantage of Marriage Allowance tax savings

Married or in a civil partnership? HMRC may let you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner. To find out if you’re eligible and how to apply check out HMRC’s website.

The good news is, If this does applies to you, then QuickBooks Self Employed can easily add that tax saving to your tax report.

Here’s how to add the Marriage Allowance to QuickBooks Self Employed:

On mobile

  • Go to Home.
  • Select gear icon on the top right hand side of the screen.
  • On the next screen select Tax Profile.
  • Below Marital Status select Married.
  • Switch on Transfer Allowance.
  • Select Sent if you would like to transfer any of your allowance to a spouse, or Received if your spouse is transferring any of their allowance to you.
  • Then, to the right of Transfer Allowance Amount, add the amount being transferred.
  • Finally, select Save.

On web

  • Go to Home.
  • Select gear icon on the top right hand side of the screen.
  • In the dropdown, select Tax Profile.
  • Go to Are you married? and select Married.
  • The page will change and you’ll see the question Have you received or sent transfer allowance amount?
  • In the box below select either Sent or Received. Then in the box on the right enter the amount.
  • Finally, select Save.

  1. Got a burning question? Ask QB Assistant

QB Assistant is your personal helper that lives inside the QuickBooks Self Employed mobile app. If you’ve haven’t got around to using QB Assistant yet, now is a great time to start. QB Assistant can answer all kind of Self Assessment-related questions you might have, like “how much did I earn this year?”, “what tax do I owe”, as well as help with practical things like “how do I upload a receipt?” Here’s how to find it:

On mobile:

  • Go to Home.
  • Select the green plus icon (+) on the bottom right-hand side of the screen.
  • Then select Ask QB Assistant.
  • When the new screen opens, type in your question into the field at the bottom of the screen.

  1. Exclude transactions in bulk

QuickBooks can help you save time by excluding more than one transaction at a time. Here’s how to do that:

  • Sign into the web version of QuickBooks Self Employed.
  • Go to Transactions screen
  • Choose which transactions you’d like to exclude by selecting the box next to the date of each transaction.
  • Then select Exclude.
  • Now all the transactions you selected have been excluded in one go.

And finally… the lowdown on adding expense categories

Ever wondered why the expense categories in QuickBooks Self Employed are fixed? It’s because they mirror the categories used by HMRC for self employed individuals. There are two benefits of this. First,  come tax time you can be confident that all your financial data in QuickBooks will match HMRC’s reporting – which makes things much easier. But it also means you can be confident you’re claiming back every penny you’re owed.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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