I am setting up as a Sole Trader and am on the steep learning curve regarding book keeping.
I have studied various posts here and think I have answered my question but would be grateful for clarification.
I understand that as a Sole Trader ‘all the money’ is me and Proprietor Drawings Account is the generic term for non business accounts.
I have deposited a sum in my business account as capital. However, I have made some purchases from my personal account that I will eventually offset against tax (desk, computer etc). In terms of Quick file I have uploaded the receipts, tagged them as appropriate expenses and marked them as paid from the Proprietor Drawings. Is this all I need to do?
When it comes to my tax return is there any easy way of reporting these equipment expenses as opposed to regular expenses so I can see them all easily? I think the matter of possibly carrying them over to another tax year given that there are only a couple of months left this year will have to be a question to an accountant!
Thanks…I’m sure this will be the first question of many!