Hi all,
I have an accounting question. For my LTD Company, I put away the money I’ll owe for corporate tax in a savings account. I’m unsure how to treat this “expense” (or rather “investment”) in my bank feed on Quickfile. Since I just move money from one pot to another in my Revolut account, it’s not really a transaction, but since the tax money earns interest, it creates discrepancies. Should I just manually add the interest received in the tax pot once a month, or how do others do this?
The question comes down to how Revolut treats this. With some banks, such as Monzo and Starling, for example, also offer a savings pot of some kind, but treat it as part of the main account.
In this case, the bank statement actually shows no trace of the savings account as the balance is just included in the main account.
You could, in theory, separate it on QuickFile, even if this is the case, to help keep track of it yourself.
If it’s a separate account, you should set this up as such on QuickFile.
In regards to the interest, how often does Revolut pay this into the account?