Skip to main content
M
MAS HD
January 15, 2022
Question

How do I credit an expense account for personal fuel which is not actually linked to a bank account

  • January 15, 2022
  • 1 reply
  • 0 views

Hello, I pay for my fuel with a personal bank account but I am VAT registered and using the Fuel Scale Charge.  This means that I can claim 100% of the VAT back.  In order to do this I enter the full fuel receipt amount into Quickbooks into an account which is not an actual bank account (because I have paid for the fuel personally).  However, for my self assessment, I can only claim the expense for the business portion of the fuel.  I can't see how I can enter a transaction to effectively credit this expense account for the personal fuel.  Does anyone know how I do this?

 

Thanks so much I hope - I'm trying to complete my self assessment!

1 reply

S
SarahannC
January 16, 2022

Hello there, @MAS HD. I appreciate you for posting your concern in the Community forum.

 

You can enter a manual transaction such as a split transaction in your QuickBooks Self-Employed account. However, I'd recommend consulting a tax advisor. This ensures you'll be using the correct category. They can assist you with this and help you keep everything accurate in your account. 

 

You can refer to these articles as your guide in categorizing other transactions:

 

 

Please feel free to leave a message on this thread if you have more questions. I'll be here to provide more details as I can. Take care always.

M
MAS HDAuthor
January 17, 2022

Thanks for your response.  This account doesn't give me the option of manually adding transactions.  I don't think a split transaction is what I'm after here, here is the scenario:

 

I have a fuel receipt for £54 (including VAT) which I have paid for with a personal bank account not within QuickBooks Online.  I enter the £54 into Quickbooks as an expense (not as an actual bank transaction) so that my VAT return includes the £10.80 of VAT.

 

For my self-assessment tax return, I can only claim the business proportion of the fuel as an expense.  The full fuel receipt is £43.20 (having subtracted the VAT).  I can claim £36.72 of this as an expense (£6.48 is personal fuel).  

 

I therefore want to be able to record a transaction into this account (which is not an actual bank transaction) of -£6.48).

 

How can I do this?

Thanks

G
GeorgiaC
January 17, 2022

Hi MAS HD, you can manually add the transaction on the web by selecting add transaction - this will then post to the default 'Cash' account which is used for transactions that have not been downloaded through a live bank connection. We're unable to advise on the specific category/account that this would be posted against and so we'd recommend reaching out to your bookkeeper/accountant if you're unsure. 🙂

Terms & ConditionsAccessibility statement