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Rutherford2
October 28, 2021
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sole trader - How do I show my own wage?

  • October 28, 2021
  • 2 replies
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I am a sole trader, and take a wage.  I have been marking these as 'owner withdrawal', but this does not come off the running total of business expenses at top... Where do they show?   I will be using QuickBooks to do my self assessment, so the amount really needs to show 

 

When I run the tax summary report, 'owner withdrawal' is nowhere to be seen..?

 

Best answer by payment after leaving

I'm afraid mine doesn't.... owners withdrawal doesn't show on the tax report at all...?


Hi Rutherford2 We're referring to the tax detail report that is downloaded in an excel format, have you downloaded this report?

2 replies

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payment after leaving
October 28, 2021

Hi Rutherford2 Owners withdrawal is considered to by equity rather than an expense and therefore the amounts shouldn't be included in your allowable/disallowable expenses, tax summary or show on your profit and loss. You are able to see the total amounts of the transactions you've categorised as owners equity if you download the tax details report.

R
Rutherford2Author
October 28, 2021

I don't have this option... there is no 'chart of accounts' button... i am assuming equity only applies to a limited company.  i am a sole trader

 

there is no owners equity in the tax report....

P
payment after leaving
October 28, 2021

Hi Rutherford2 In the background the transaction is categorized as equity. When you view the tax details report it shows as owners withdrawal.

G
GeorgiaC
October 28, 2021

Hi Rutherford2, you can use the Tax Summary to complete the corrosponding boxes 15 to box 47 of the SA103F self-assessment which you would then submit to HMRC.  🙂

    R
    Rutherford2Author
    October 28, 2021

    thank you :smileyhappy:

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