Question asked by Asif Ghafoor 3 weeks ago
I bought a package today so I can submit my tax return digitally. I own some properties so recording income and expenses is clear but what isnt is how I record my salary, tax paid, dividends, interest and charitable giving. Its not easy to work this out? Is their a video I can watch to learn this?
Hi Asif,
Welcome to Clear Books!
The reason you cannot see where to record your salary, tax paid, dividends, interest, and charitable giving is because these are not business expenses.
During the tax year, you only need to submit quarterly updates for your self-employment and property income. All other sources of income, such as your PAYE salary, savings interest, and dividends, are handled once the tax year has ended through a separate central hub called your MTD Tax Return account. You can open this by hovering over your business name at the top right > Add MTD Tax Return.
Here is how those specific items are recorded:
Automatic Data (Salary and Tax Paid) HMRC automatically gathers information throughout the year for things like your PAYE salary and tax paid from your employer. When you come to finish your return at the end of the year, this information should already be pre-filled for you to review and confirm.
Manual Entries (Dividends, Interest, and Charitable Giving) Items such as dividends, interest from savings that HMRC hasn't tracked, and Gift Aid for charitable giving can be manually added to your MTD Tax Return account after the tax year ends on 5 April.
Tommy
Best answerThis is very clear and helpful - thank you
No problem at all - you're very welcome!
Tommy
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