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Hi my husband is a self employed sole trader. How do I enter and categorise his pension. Plus we recently transferred funds into the QB logged bank account from the business account we had closed prior to becoming a self employed sole trader. How do I record that money without it affecting what he owes at the end of the financial year?
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Hi Linsey0607 The self employed account doesn't account for pension payments as it's a partial template of the supplementary form SA103F,, they'll have to be excluded, the amounts will have to be recorded on the actual SA100 self assessment for. Is the amount the amount that you transferred equity for the self employed business or is it unrelated?
Thanks for getting back to us Linsey0607, yes that would be the correct procedure to follow, if you have this listed in your transaction list in QuickBooks you can categorise it as a transfer so that this doesn't impact the tax summary report. :)
Hi Linsey0607 The self employed account doesn't account for pension payments as it's a partial template of the supplementary form SA103F,, they'll have to be excluded, the amounts will have to be recorded on the actual SA100 self assessment for. Is the amount the amount that you transferred equity for the self employed business or is it unrelated?
Hi John C,
Thank you for clarifying his pension, that really helps.
The money we transferred was from our Limited business before we changed to sole trader. We just transferred the balance from the Limited bank account before we closed it to the new sole trader bank account we had set up? Am hoping ghat was the right thing to do? Thanks for your advice John.
Thanks for getting back to us Linsey0607, yes that would be the correct procedure to follow, if you have this listed in your transaction list in QuickBooks you can categorise it as a transfer so that this doesn't impact the tax summary report. :)
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