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October 27, 2020
Question

I just won £2,000 in a competition, is it tax deductible? How do I catogorise this transaction? I’m self-employed.

  • October 27, 2020
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1 reply

October 27, 2020

 Welcome to Community, @nimshi-k98-gmail.

 

I have an idea of how you can categorise winnings. Though you can categorise your winnings as Personal, I recommend consulting with an accountant for proper recording. They have more knowledge about Self-Employment accounting and help you which category to use. Mark personal for income that's not part of your self-employed business as "Personal", all are deductible.

 

You can learn more about categorising transaction at this guide: Categorise transactions in QuickBooks Self-Employed.

 

Additionally, here's a link that covers all tasks you can do when using QBSE.

 

Keep me posted if you still have questions or concerns. I'll be around to assist you. Have a great rest of the week.