How to record Tax Relief outgoings (charity with Gift Aid + pension contributions)
Question asked by Paul Masri-Stone 18 hours ago
I'm a sole trader and I'm new to ClearBooks. Just getting it set up for MTD and for my personal tax.
When I've completed my annual Self Assessment on the HMRC portal, there's a section headed "Tax Relief". In the Tax return these boxes are labelled:
Pension schemes
- Box 1: Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider (called ‘relief at source’). Enter the payments and basic rate tax
- Box 1.1: Total of any ‘one-off’ payments in box 1
Charitable giving
- Box 5: Gift Aid payments made in the year to 5 April 20XX
- Box 6: Total of any ‘one-off’ payments in box 5
I've already hooked up my bank accounts in ClearBooks to automatically grab the transactions that include these.
To be clear, these are personal donations, not part of the business, but they feature in the end of year Self Assessment tax return.
How should I set these up in ClearBooks?
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