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william27
Level 2

I'm self employed with a food related business. Having to close for Covid 19 how do i account for the loss in value of spoiled ingredients.

 
5 Comments
MirriamM
Moderator

I'm self employed with a food related business. Having to close for Covid 19 how do i account for the loss in value of spoiled ingredients.

Thanks for reaching out to us, william27.

 

You can account that loss as wastage. However, since every business has a different structure, and it typically goes to the posting accounts used for transactions. For this reason, I still recommend reaching out to your accountant to help determine the correct account to be used.
 

For future reference, I’m adding a link where you’ll find resources that will help grow and manage your business: QuickBoooks Self-Help.


Stay in touch if you need any assistance while working in QuickBooks. Please know I’m here to help you. Enjoy the rest of the day. 

william27
Level 2

I'm self employed with a food related business. Having to close for Covid 19 how do i account for the loss in value of spoiled ingredients.

That's not really an answer at all!
Of course I count it as wastage, that's obvious, but how do i enter that in quickbooks.
Ask my accountant you say, well I joined quickbooks years ago to eliminate that cost.
If we all paid accountants we wouldn't need quickbooks.
Of course all businesses run differently, and a lot of businesses have wastage, so there must be a way of entering that in Quickbooks, that's all I'm asking for.

John C
QuickBooks Team

I'm self employed with a food related business. Having to close for Covid 19 how do i account for the loss in value of spoiled ingredients.

Hi william27

 

The self empoyed product is a partial template, boxes 15-47, of the SA103F and therefeore our agents are trained in any assistance customers have in regards to the template. As accounting for any losses that you may incur are not accounted for within this template is why the previuous agent has advised that you contact an accountant, you could also contact HMRC.

 

william27
Level 2

I'm self employed with a food related business. Having to close for Covid 19 how do i account for the loss in value of spoiled ingredients.

well, self employed people have losses too, so it's about time Quickbooks added this for every template.
Speaking to HMRC or an accountant isn't going to help me enter this into Quickbooks, it's Quickbooks that generates the reports and figures that I eventually input into my tax return, the issue lies right here with Quickbooks.

John C
QuickBooks Team

I'm self employed with a food related business. Having to close for Covid 19 how do i account for the loss in value of spoiled ingredients.


Hi william27

 

We will pass your comments to our developers for consideration, however in the meantime you can refer to the full notes:

 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/7866...

 

and the help sheet 222:

 

https://www.gov.uk/government/publications/how-to-calculate-your-taxable-profits-hs222-self-assessme...

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