Question
How do I prevent a personal loan to the business from appearing as sales on my VAT return?
I have created an "owners equity account" with zero VAT to allocate the loan funds to but the amount appears on my VAT return as sales and is included in the VAT repayable. I also tried categorising it as "non- current liabilities > shareholder notes payable" but it is still included in the return.
Any help would be appreciated as I have a return due!
