Quickbooks and Self Assessed Income Tax Returns

J

julm

Registered User
Messages
14
Hi!

I run a soletrader business and do my tax returns via ROS.

I've been using Quickbooks (2006 Regular) since start of 2007, so this was the first time I used it for income tax returns. I thought it would be a lot easier to use than what it was.

Most of the accounts in "Accountant & Taxes" -> Income Tax Detail had unassigned tax lines. The information I got was that if "Company" -> "Company Information" -> "Income Tax Forms Used" was set to "Self Assessmment Tax Returns", I should be able to see the Tax Line Drop-down List when editing accounts through my chart of accounts. However, I have tried averything and was unable to get the drop-down list, and am therefore unable to assign tax lines to my accounts, making my tax returns extrmely difficult.

Also, I recently purchased Quickbooks Pro 2008 and could not find any mention of tax lines or income tax returns. The income tax reports also seem to be missing from this version.

Am I doing something wrong or is there another way to track sales, turnover, purchases, expenses, motor expenses, etc. individually?

Thanks in advance!
 
Hi julm,

You may well have figured this out by now, but I'm also a sole trader using Quickbooks. I only have the free Simple Start 2008 edition, which isn't tailored towards the Irish market, but I find it really easy to use.

I found that my Profit and Loss a/c and Balance Sheet gave me nearly all the details I needed for pay and file on ROS. These are available under Reports > Accountant Reports in my edition.

I'm not VAT registered, so maybe that complicates things? If you can give more details on the figures you want but can't get, someone might be able to help as it's popular software.
 
Hi!

No, I don't have QB support. I took another look at my reports. I think the problem is that the figures are all over the place and don't seem to match with my VAT reports. The accounts I think are not categorised properly and I thought assigned VAT lines might fix this. I since found out that the VAT lines are only available for UK businesses, I don't think they can be edited, so would be of little use anyway.

It was suggested to me that I rearrange my chart of accounts to have them all as sub-accounts of (for example) Product Sales, Purchases, Expenses, Motor Expenses, etc. etc. Would that sound right to you?

Thanks for your help.
 
Since I'm not VAT registered, I don't know how that side of things works in QuickBooks sorry, but hopefully someone else will.
 
You must log in or register to reply here.
Back
Top