During my first year of self employment, my parents gave me cash injections.
Sometimes these were loans that I paid back, other times they were simply gifts (capital fronted?) to sink into my business.
I've just switched my accounts to quickbooks, and synced my paypal and bank accounts, and there seem to be limited options for how I can categorise these transactions. I have a couple of questions
1) How are personal/family loans transactions reported to HMRC during self assessment? Likewise, what about free cash injections?
2) For the sake of quick books self employed, under which category do I mark these? If I mark them as 'personal' I think they'll be excluded from the assessment altoghether. But 'Business income' doesn't seem right either.
I'm sorry for such a newbish question
Thanks in advance :)
