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AmyVA
April 25, 2019
Solved

Self Employed - Private Pension and Charity Payments

  • April 25, 2019
  • 1 reply
  • 0 views

Hi, 

I'm new here and whilst most things are fairly simple, I need a little help with marking payments for a Private Pension and also Charity Payments. 

 

Whilst none of these expenses are 'business' in nature and are therefore personal, I still need to have them included in my self assessment tax return.   

 

If I mark them as business they go down as other business expenses - but they are not a business expense - just something I need to capture in my tax return and don't want to lose sight of. 

 

How do other people deal with this? 

 

Thanks 

 

 

Best answer by RaymondJayO

Hello there, @AmyVA, 

 

I appreciate you confirming to me that private pension and charity payments go into Tax Reliefs in a Self Assessment tax return. 

 

QuickBooks Self-Employed is compliant on the HMRC's available SA103F Categories. Since you need to separate these items from Other Business Expenses on the tax form, I recommend consulting your accountant. He/she can determine the appropriate category to ensure your self-employment taxes are correct when preparing them. 

 

You can also visit the HMRC website to learn more about Self Assessment tax returns. 

 

This will get you on the right path, @AmyVA. I'm here anytime you have other concerns. Have a good day. 

 

Thanks, 

 

Raymond

1 reply

E
EmmaM
April 25, 2019

Hello Amy

 

What boxes do you need these transactions to hit on the Self Assessment?Is it something you want to show as a dis allowable expense?We have set up the categories to match with the boxes on the SA103F form more information can be found here

 

Thanks

 

Emma

 

A
AmyVAAuthor
April 25, 2019

Dear Emma, 

 

Thanks for your response, they are actually items that go into Tax Reliefs in a Self Assessment. 

 

Paying into registered pension schemes and overseas pension schemes

and 

Charitable giving

 

I'm therefore not sure if you cover this and I'll just need to this separately as it's not income/expenditure but figures they ask for none the less.  

 

Thanks 

 

Amy 

 

R
RaymondJayOAnswer
April 25, 2019

Hello there, @AmyVA, 

 

I appreciate you confirming to me that private pension and charity payments go into Tax Reliefs in a Self Assessment tax return. 

 

QuickBooks Self-Employed is compliant on the HMRC's available SA103F Categories. Since you need to separate these items from Other Business Expenses on the tax form, I recommend consulting your accountant. He/she can determine the appropriate category to ensure your self-employment taxes are correct when preparing them. 

 

You can also visit the HMRC website to learn more about Self Assessment tax returns. 

 

This will get you on the right path, @AmyVA. I'm here anytime you have other concerns. Have a good day. 

 

Thanks, 

 

Raymond

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