I receive a pension and there for my personal allowance is taken from that, so when I look at Tax summary it does not tell me the correct profit that I will pay Tax on, is there some work around or can the be a feature added so we can place a pension amount in.
Hi @BLWS
The tax summary feature is only estimated, and will only take the figures on QuickFile into account (i.e. the business’ profit/loss etc.).
There isn’t a workaround that I’m aware of, to add this to your account as the pension would be personal to you rather than the business (although with Sole Traders there is no legal separation).
We’ll leave this thread open, and let others add their comments. Someone may have done this themselves and may be able to suggest a way to do it.
At the moment I’m afraid we don’t have any intentions to extend the tax summary with further adjustments. It’s really just the thin end of the wedge, as we could potentially add many different adjustments for tax credits, pensions, benefits etc and it would eventually become a full blown tax report.
In the future we could potentially look at 3rd party integrations with specialist tax software, but for now we intend to keep the Tax Summary relatively simple.
I Also receive a monthly pension. The way I’ve worked around this is to add a bank account called pension and add the funds going in each month as they are deposited, and have tagged them as miscellaneous income to that account.
Hi @dawnjlane
While this works, just be aware that this will show up on your balance sheet and profit and loss when it comes to filling out your self assessment
Although no further development is planned, it should be simple for an additional “Tax adjustments” line to be added in both the Add-backs and the Deductions.
Where the user could manually type in their tax adjustment type (eg. capital allowances, pensions etc) and enter the total £ amount for that period.
This would suit both Ltd co’s and the self employed.
I’ve only just found the Tax Summary feature - it would be useful to me so it can give an indication, if there was somewhere for sole traders to enter there income from other sources (I have a full time PAYE job, and do some freelance photography which QF captures).
As I pay 40% tax, I’d like to be able to enter my basic annual PAYE salary into QF as income elsewhere, so that the tax calculations have a vaguely accurate figure to work from when calculating the freelance section’s tax liability.
Or is there a bodge that could be used that I can enter my PAYE salary into to get the summary calculating correctly, but won’t affect the P&L reports or balance sheet?
We have just made a minor update to the Tax Summary report so you can now add additional sources of income. These are then factored into the tax computations.
The ability to add an additional source of income to the tax summary tool is very useful.
A question though; I intend to enter my Armed Forces Pension here. The pension is already taxed at source. Do I enter the Gross or Net annual amount?
Hi Rod
I also have a forces pension, what I do is just fill it in with the tax personal allowance which then tells me what the top whack I should be paying from what I earn from my business only before the accountant does her thing. This works for me as my pension is over £11,500 personal allowance.
I have tried this feature, but it seems to add the same amount to every year. Since my state pension is paid four weekly it isn’t the same each year, plus one hopes it’ll continue to increase each year! Is there a way to only add “Additional Sources” such that it doesn’t get included identically in every year, just the selected year?