Allocating tax payment

allocating self assessment tax payment in quick file

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Any Income Tax payments are not an allowable expenses, the way you would tag the payment depends on whether a business account is held or not:

No Sole Trader Business Account Held:

If you’re not operating a business account and made the payment from your own personal account and upload your statements onto Quick File to use the tagging feature, simply delete the transaction from your Quick File Bank Account.

Sole Trader Business Account Held:

If you are operating a business account and made the Income Tax payment directly from the business account, in order to complete your bank reconciliation, tag the payment as a transfer to the ‘Proprietor’s Drawings Account’.