Question asked by Robert Flaherty 1 month ago
Hi There I have just set up my account and wanted to check, I am a sole trader on the system it says on one of the the tab that "If your total income for this tax year is under £90,000.00 you can submit a single consolidated expense total each quarter, what account code do I use for this? Any help appreciated
Hi Robert,
The submission will group all expenses into one amount if you choose to use consolidated expenses in the drop down control. You can record your expenses using whichever account codes you feel are appropriate for your own review purposes.
Please note: should your turnover go over the threshold at any point during the year, then the full breakdown will be needed. Providing you have been recording transactions using sensible expense account codes, then this is not a problem. Clear Books will automatically aggregate the transactions into the correct expense breakdown categories.
Tommy
Best answerThanks Tommy just the info I needed, have a lovely evening
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