SELF-EMPLOYED ACCOUNTING SOFTWARE

Self Assessment is a system that HMRC uses to collect untaxed Income from:

• Sole Traders
• Landlords
• People with more than 1 source of income
• Company directors who take dividends
• Anyone earning more than £150k/year

Details of the year’s earnings from 6 April-5 April need to be submitted to HMRC by 31 January in the following year. The tax is due in two installments: 31 January (in arrears) and 31 July (in advance). You can read more about this in our blog on how to do a self-assessment return.

There are several parts to the Self Assessment tax return. QuickBooks can give you an estimate of your Income Tax and calculate your income and expenses to help you prepare the information required for your SA103 or SA105 form. Currently we don’t support partnerships or multi-property income or capital gains.

QuickBooks’ self-employed accounting software will provide an estimate of your Income Tax based on your income, minus expenses, based on the information you have uploaded to QuickBooks. The estimate will not include things such as the Married Couples Allowance orfixed assets. You can read more about this in our blog on understanding income tax.

If you’re VAT registered, need to use QuickBooks Payroll or file CIS contractor deductions, ) QuickBooks Simple Start is the right plan for you. If you are not VAT registered, do not have employees and do not need to file CIS contractor deductions, QuickBooks Sole Trader is probably best for you. If you need to move from QuickBooks Sole Trader to Simple Start (or another plan) you can easily move in the product.. Of course, it's easier if you pick the right QuickBooks product from the start, so please call us on 0808 258 3673 if you need any guidance.

Take a look at our blog post understanding income tax for advice about expenses and completing Self Assessment. Our team can give you technical advice about downloading the figures you need from your QuickBooks account, but for other advice, please consult an accountant.

Yes. You can import Customer, Supplier, Items, and Chart of Accounts from an Excel spreadsheet in several ways.

Not with QuickBooks Sole Trader, but you can track your VAT and then prepare and submit your return to HMRC using other QuickBooks Online products.

If you need to manage Construction Industry Scheme obligations (CIS) for contractors try  QuickBooks Simple Start and above. QuickBooks Sole Trader supports manage CIS contributions for subcontractors only.

Of course. It’s easy to invite them to access your QuickBooks account. Need to find an accountant? Check out our searchable directory of accountants.

You can easily move plans in product if your business needs change.Our friendly team can help you choose the right product for your needs, so you're less likely to have to switch products. Call us on 0808 258 3673 and we'll be happy to help.

The allowable expenses you can claim under Self Assessment must be for business use only and they vary depending on the business you’re in. You can read more about this in our blog, check out the list of allowable expenses on HMRC’s website or speak to an accountant.

If you’re a sole trader, you need to register for Self Assessment with HMRC so you can pay your Income Tax. Read our handy blog article to find out more about how to calculate and do your income tax.