where to put tax payment as a sole trader

TK123

Hi, I have paid my tax bill, but can’t see where i can put this when doing the bank reconciliation.

can anyone help?

Thanks

Katie

Hi TK123,

If you’re a Sole Trader, please record Self Assessment as an expense. You can use the category ‘Accountancy - Self Assessment’.

All the best,
Katie

ChrisWalker

I was given different advice as a sole trader - I was told not to record it as an expense, and just mark it as a ‘Personal’ transaction when reconciling…

https://community.crunch.co.uk/d/506-recording-hmrc-tax-payment-on-crunch-free

Katie

ChrisWalker

Either way of recording it should be fine for Sole Traders. You wouldn’t receive any tax relief by recording it as an expense, so it accomplishes the same as recording a personal transaction. To be honest, marking it as a personal item during bank reconcilliaition is probably easier as you don’t need to record anything in Crunch.

All the best,
Katie

ChrisWalker

Katie OK, thanks Katie, that’s good to know! I just wanted to make sure I hadn’t got it wrong!

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