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..?
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.
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. :)
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