There are two types of tax allowable expenses which I claim on my self-assessment tax return. These have been paid out of my private account, then twice a year I raise a purchase on Quickfile and transfer the amount from my Business Bank account to my personal one (same as for drawings). I followed the instructions and set this up as Expenses accounts for (a) Allowable business mileage (@ 35p per mile); and (b) Use of home as office - this is recorded and worked out on number of hours a month under the HMRC simple expenses recording system.
Somehow they are showing incorrectly under Personal Drawings Account and I think they need to be a separate category in order to correctly show as expenses on the P&L Account for the Self-Assessment Tax Return.
What do I need to do to journal a correction?
Mistake in the amount - the allowable amount for business mileage is 45p per mile, not 35p!
Hello @AnneL
For queries such as this I would seek professional guidance from your accountant as we are not professional accountants nor bookkeepers.
If you don’t have an accountant, we have a panel of accountants to choose from, for more information, please see the following link:
It wasn’t exactly an Accountancy question, @QFSteve
It was a question as to what I should do to get the two Expenses categories into the right place by journalling a correction. Possibly I have selected the wrong category of topic.
Hello @AnneL
I can help you post a journal using our software but I could not tell you where to post them.
If you can tell me what code you want to move the values to from your Personal Drawings Account I can advise on how to post your journal.
If you are unsure where to post them then that would be decision for you or your accountant.
Thank you @QFSteve
I have just run a P&L report again for that tax year and it now appears to be showing in the correct nominal code categories in the expenses section.
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