entering personal tax payment into clear books

Question asked by Zaneta Lichnova 6 years ago

I have paid my income tax for 2017/18 this January so it is showing as a payment from the bank. I am currently reconciling the payment for January and I don't know how to enter it into the system. There is no personal or income tax option only a corporation tax.

Obviously its an expenses so to speak from the last financial year so I don't want it to show as an expense in January for this year and mess up the figures which it did when I entered it as corporation tax so I figured I must have done it wrong.

can anyone help?

thanks in advance Tom

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Hi - if you're a Ltd company, it's a personal drawing and so is either a loan the company has made to you or a reduction in any loans you've made to the company.

If you are a sole trader it's not a business expense and so goes to the personal drawings account.

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6 years ago

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