Income Tax (Self Employed) - which account shall i file it under?

I am a sole trader, last TAX year produced a total amount of lets say £500

£ 350 is Class 4 NICS
£ 150 is an Income Tax

While I know and can find the proper allocation for the NICS (Which is: National Insurance (2211) )
But I have no idea which one to allocate for the Income Tax ?

Can anybody advise ?

Thanks !

Hi @delan

As you’re a sole trader, the tax isn’t actually an allowable expense. You should tag the transactions as a transfer to the drawings account, as if you’re personally taking money out of the business.

Hope that helps!

One of my previous posts goes into this in a bit more detail, if you’re interested:

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Thank you so much for a quick response !

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