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momentumvabookkeeping
May 19, 2020
Solved

How do I record a payment into the bank from HMRC, for Self-Employment Income Support Scheme (COVID-19)?

  • May 19, 2020
  • 1 reply
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Original commenter did not share additional details
Best answer by DCC-P

I've set up a new account code called "HMRC Grant" within "Other Income" - better to give it a clear name and position than leave as uncategorised.  As you say, given it's taxable, it'll be in your P&L and part of your taxable profits for the year (if you make any in the current circumstances - ha, ha, gallows humour!)

1 reply

JenoP
JenoP
May 19, 2020

Hi there, momentumvabookkeeping.

 

You can create a bank deposit to record the payment into your bank. Here's how:

 

  1. Click the + New button and select Bank Deposit.
  2. Select the bank in the Account field.
  3. Select HMRC in the Received from field. 
  4. Enter all other details including the date of the deposit, amount, account, and reference number.
  5. Click Save and new.

More details about the Self-Employment Income Support Scheme are discussed here: https://quickbooks.intuit.com/uk/small-business-support/.

 

I'd also recommend reaching out to your accountant for further advice on how you can handle this grant in QBO. As always, visit us again if you have other questions. 

 

 

M
momentumvabookkeepingAuthor
May 21, 2020

As this is a taxable grant, are you able to advise which account I should be adding the value to?

Uncategorised Income?

D
DCC-PAnswer
June 21, 2020

I've set up a new account code called "HMRC Grant" within "Other Income" - better to give it a clear name and position than leave as uncategorised.  As you say, given it's taxable, it'll be in your P&L and part of your taxable profits for the year (if you make any in the current circumstances - ha, ha, gallows humour!)

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