Question asked by Panos Fellas 2 weeks ago
I have two separate sections on here, one for property and one for other income. I have submitted the property section and all appears ok. When trying to submit the personal income section, as it shows a negative number ( I paid more to charity than my income from refereeing and bank interest) it refuses to accept it. What do I do?
Hi Panos,
Charitable donations are not a business expense that can be deducted from self employment or property income.
Tax relief from charitable donations made by individuals is something entered on your individual tax return. MTD for Income Tax requires you to keep digital records for only your self employment businesses and property businesses. Everything outside of that, is entered onto the tax return at the end of the tax year.
These charitable donation transactions are causing a negative balance on an income code, which HMRC don't accept. In this case, you should void off these transactions, or recode the transactions to Drawings in order to submit the quarterly return.
Tommy
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