Sole trader & fully employed

Accounting
1

Hi All,

I’m new to accounting and love how easy quick file is to setup/use.
I’m fully employed and self employed on the side.
What I want to do is add my employed salary to my quick file account so that I can calculate my approximate tax.
How would I enter this into the system bearing in mind all transactions relating to these funds are not used for my sole proprietorship and as such wont be recorded in the system.

Many thanks

Tony

2

Your business is different from your employment, not a good idea to record employment income on business records. There are other websites which can work out your tax liability if you have multiple source of income

3

Short answer is - you can’t.

Longer answer is - The system would take all values into account to calculate your profit and loss, balance sheet etc so should only be used for your self employment.

Edit: Faraday beat me to it :slight_smile:

4

Hi,

Thanks for the responses i’ll stay well clear then.

Many thanks

5

There’s lots of Tax return software that can do the job you want, even a free version from the HMRC,
Where you can enter your job earnings etc and your profit and loss figures from your quickfile account and it will calculate your tax including class 4 NI

However if your Job pays you more than 10,000 this year (14-15)
then quickfile’s tax summary will give you how much extra tax you will pay on your self employment profits
In addition to that, there’s Class 4 NI to pay at 9% of profit above £7,956