We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Self employed - how to account for tax paid in Quickbooks?
Options
HappyFriday05
Posts: 42 Forumite
Hi All!
I have made my tax payment for last years accounts, and as it has come up on Quickbooks as a transaction to review. Should i mark this as business or personal?
There is a business category for tax but this is counting it as an allowable expense which doesn't seem right?
Thanks for your help!
mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 2046
mortgage end date as at March 24: Jan 2046
2024 overpayments £769/£1000
Daily interest rates: £8.16/£3.37
Daily interest rates: £8.16/£3.37
0
Comments
-
No it's not right, your tax is what you pay after all your allowable expenses are deducted then you have your profit minus your personal allowance and then get your tax bill.
Do you have an accountant? They keep you right.1 -
Thought that’s the case, I’ll swipe it as personal. Thanks 😊mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 20462024 overpayments £769/£1000
Daily interest rates: £8.16/£3.370 -
That's correct, it's personal drawings.HappyFriday05 said:Thought that’s the case, I’ll swipe it as personal. Thanks 😊1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards