Self employed - how to account for tax paid in Quickbooks?

HappyFriday05

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!

bris

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.

HappyFriday05

Thought that’s the case, I’ll swipe it as personal.  Thanks 😊

Pennywise

HappyFriday05 said:

Thought that’s the case, I’ll swipe it as personal.  Thanks 😊

That's correct, it's personal drawings.