Question 1

What is Self Assessment?

Accepted Answer

It’s a type of income tax paid by:

sole traders
people with more than 1 source of income
company directors who take dividends
anyone earning more than £100k/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.

Question 2

Can I complete everything I need for Self Assessment in QuickBooks?

Accepted Answer

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 your SA103 form. The figures don’t include partnerships, property income or capital gains.

Question 3

Is preparing my Self Assessment in QuickBooks an automatic process?

Accepted Answer

QuickBooks can automatically calculate your income, minus expenses based on the information you’ve uploaded to QuickBooks, but right now, VAT and CIS payments aren’t automatically included, so you’ll need to take account of that. If you’re claiming allowances, such as the Married Couples Allowance, you’ll also need to calculate that manually. The same goes for deductions against fixed assets. our blog.

Question 4

Which QuickBooks product is right for me - QuickBooks Self Employed or QuickBooks Online?

Accepted Answer

If you’re VAT registered and use accrual accounting (recording income and expenses when you get a bill or send an invoice) QBSE Pro is the right product for you. If you’re not registered for VAT and use cash accounting (recording income and expenses when you receive or pay money) go for QBSE.

Question 5

I have questions about completing my Self Assessment tax return. Where can I get help?

Accepted Answer

Take a look at our blogs 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 of other advice, please consult an accountant.

Question 6

Can I import data from my spreadsheets directly into QuickBooks?

Accepted Answer

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

Question 7

Can I manage my VAT with QuickBooks?

Accepted Answer

Not with QuickBooks Self Employed, but you can track your VAT then prepare and submit your return to HMRC using QuickBooks Online.

Question 8

I work in construction. Does QuickBooks have what I need?

Accepted Answer

If you need to manage Construction Industry Scheme obligations (CIS) try QuickBooks Online.

Question 9

Can I work with my accountant in QuickBooks Self-Employed?

Accepted Answer

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

Question 10

If I need different features can I upgrade?

Accepted Answer

You can’t instantly upgrade from QuickBooks Self-Employed, but if you’d like to switch, just contact us and we can move your data over for you.

Question 11

What can I claim as self employed expenses?

Accepted Answer

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. Your can read more about this in our blog, check out the list of allowable expenses on HMRC’s website or speak to an accountant.

Question 12

Can you explain how to pay tax if I’m self employed?

Accepted Answer

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.

Question 13

How much tax do I pay as a self employed worker?

Accepted Answer

It depends on your self employed income. Income Tax is paid on the money you earn above the personal allowance (currently £12,500) once allowable expenses have been deducted. The basic rate of 20% is applied to earnings between £12,501-£50,000 and the higher rate of 40% is applied to £50,001 to £150,000. Your tax bill is calculated when you file your Self Assessment tax return but you can get estimates of the Income Tax and National Insurance Contributions you owe in QuickBooks, avoiding any surprises come tax time.

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Frequently asked questions

What is Self Assessment?—

Can I complete everything I need for Self Assessment in QuickBooks?+

Is preparing my Self Assessment in QuickBooks an automatic process?+

Which QuickBooks product is right for me - QuickBooks Self Employed or QuickBooks Online?+

I have questions about completing my Self Assessment tax return. Where can I get help?+

Can I import data from my spreadsheets directly into QuickBooks?+

Can I manage my VAT with QuickBooks?+

I work in construction. Does QuickBooks have what I need?+

Can I work with my accountant in QuickBooks Self-Employed?+

If I need different features can I upgrade?+

What can I claim as self employed expenses?+

Can you explain how to pay tax if I’m self employed?+

How much tax do I pay as a self employed worker?+