Category for Insurance Premium Tax (IPT) or suggest workaround please

Trying to setup QuickFile for small broker - need to be able to record insurance tax separately, Can’t see suitable category for purchases. Thanks

Hi @marklanceley

The chart of accounts are a generic setup for most businesses. As the account is for an insurance broker and it needs to be separate, it may be best to create a new one.

I believe that if it’s in relation to a sale they are making, the ‘Purchases’ and ‘Purchase Charges’ would be suitable.

But, I’m not an accountant so I recommend checking with yours to make sure it’s categorised correctly.

I hope that helps!

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