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A
Arabella
October 17, 2019
Question

Paid Taxes

  • October 17, 2019
  • 1 reply
  • 0 views

If I’ve paid tax for a previous tax year should I add this to the business expenses section under TAXES on quickbooks? It then makes my expenses seem really high and it goes into the section of allowed expenses under OTHER BUSINESS EXPENSES. I just want to know the correct way of doing this whether you mark paid taxes to HMRC to personal on quickbooks or put it down as expense in the taxes section. 

1 reply

Rose-A
Rose-A
October 17, 2019

Hello, Arabella.

 

For recording purposes, if these payments are for taxes, you can choose the Taxes as for the categorisation. However, these are VAT payments, then you can choose VAT Paid for the category.

 

To know more about expense categories in QuickBooks, check out these articles:

 

For account-related issues, feel free to reach out to our QuickBooks Self-Employed Support. 

 

Should you have additional tax concerns, please let me know. I'll be around to help.

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