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Recording a Government Track and Trace Payment

I have received a £500 Track and Trace Payment, as I needed to isolate and could not work from home.
I am self-employed and it has been paid into my company account. How do I record this on QuickFile? Not sure what category to place it under.
Thank you for any help with this.

Misc income most likely

Hi,

Misc income in the Sales Block (codes 4000 - 4999) seems the most appropriate place to record it.

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This is a journal you could use:

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I read that the payment is not subject to NICs

I’m not sure of this also applies to Class 4 NICs, if you have to pay them.

But if your profits are such that you have to pay class 4 I’d find out how to exclude this 500 from your the calculation of class 4 NICs on your next tax return, otherwise you’ll be paying for something you needn’t be paying.

Hope this helps!

1 Like

Thank you both - I had come to the conclusion that Misc Income was the way to go but as I haven’t had anything like this before I wanted to make sure - your help is much appreciated,

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