Personal Pension payments in QuickBooks Self Employed
I'm new to QuickBooks Self Employed and using it as a sole trader. Can anyone advise how I should record the payment from my business bank account to my personal pension plan. The pension provider will claim the basic rate tax relief on my payment and add it to the pension contribution. Therefore, I believe I don't claim for it in my self-assessment tax return. How should I record this payment so QBSE does not treat it as a taxable expense.
Re: Personal Pension payments in QuickBooks Self Employed
Welcome to the Community - thank you for your question!
This will depend on the category you select, you will need to check this with either HMRC or an accountant on what category would be best to make sure you are not taxed on this (unfortunately as we are not accountant trained, we would not be able to advise which category will be best, as we would not want to give you any incorrect advice).