Overview of Quickbooks Self-Employed UK

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Quickbooks Self Employed

When you go self-employed it is your responsibility to do your own bookkeeping and manage your taxes.  For some, this can be a steep learning curve and for others a task that gets pushed to one side.

QuickBooks Self-Employed is an automated bookkeeping system that helps take the pain out of financial administration and tax returns.

What is QuickBooks Self-Employed

QuickBooks is a well established software that has been popular with accountants for many years now.

QuickBooks Self-Employed is a cloud & mobile app based bookkeeping system that handles all your financial admin.  It is designed with self employed individuals in mind. That means it’s super simple and only contains the exact features you need.

Most of all it is priced to be affordable.

What Does QuickBooks Self-Employed Do

When you’re self-employed you need to:

  • Add up your income
  • Deduct your expenses
  • Keep receipts
  • Work out your taxes

QuickBooks Self-Employed manages all these obligations for you. It automates your data entry and expense keeping, as well as estimating your tax in real time. Then at tax time it drafts all your figures out ready for your self assessment tax return.

What are the Key Features of Quickbooks Self-Employed

Connects to Your Bank

QuickBooks Self-Employed connects to your bank account to pull all your transactions into the system, saving you the hassle of logging them one by one.  You can mark them up as business or personal, that way QuickBooks knows which to include in your taxes.

Mileage tracking

With QuickBooks Self-Employed you can enter your business mileage each time you make a trip (one of the most commonly forgotten tax deductions).

Or if you prefer you can turn on the “Auto-Tracking” feature in the QuickBooks app.  Then the app uses location services on your phone to record you mileage automatically. Perfect if you’re a self-employed Uber Driver or Deliveroo Rider.

Claim Expenses

HMRC love receipts. So if you want to claim a cash expense you’ll need to make sure you keep the receipt.

But they are so easy to lose!

With the QuickBooks Self-Employed mobile app you can record your expenses on the move, as well take a photo of your receipt.  

Tax Estimation

You’ll need to enter your tax information when you set up QuickBooks Self-Employed.  Then it will then estimate your tax in real time as you enter your income and expenses.

Plus under tax reports you’ll find a summary of all your figures, ready for you to use to fill out your self assessment tax return.

Invoicing

The invoicing function in QuickBooks Self-Employed lets you create bills and send them to customers.  Allowing you to track which ones are unpaid.

What Does QuickBooks Self Employed Cost

QuickBooks Self-Employed is £8/month.  There is a 30 day free trial period as well as 50% off for the first 6 months.

How does this compare?

There are two other main contenders out there.  Here they are, along with their monthly price, once introductory offers have expired:

QuickBooks Self-Employed is a cheaper option to its competitors. But it’s important to remember QuickBooks Self-Employed has less functionality.

What this means is that if your business grows or becomes more complicated you may need to upgrade your bookkeeping system. But that is not a problem because QuickBooks do offer upgraded versions, to cater for additional needs.

Is Quickbooks Self-Employed Worth It?

QuickBooks Self-Employed keeps you organised and put you in control of your taxes, at a great price.  Even if you plan to hire an accountant, having your transactions loaded into QuickBooks will reduce the price of filing your tax return. Or if you handle your own taxes, QuickBooks Self-Employed generates all the figures you are going to need.

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