Tax free gift for sole trader

[Mootb]

I’ve just started putting my accounts into Quick file part of my accounts is that I have been given a sum of money tax free. I’m a soletrader and I wonder how to tag that.
Thanks
ama

[xloganm15]

Hi - where has the money come from, is it a loan etc? Do you have to pay it back? If you don’t then you could tag it as capital introduced into your business. You can use the Proprietors account for this.

[Parker1090]

If it’s a grant, it would also depend on what type of grant it is (i.e. capital based or revenue based grants). If this is the case, take a look at this site:

Grant accounting: What you need to know

[Mootb]

Thanks very much for your answers- it was a personal gift - with no strings At the moment I’m not intending it to use this for the business - at the moment i’ve under Proprietors and it then comes under suspend when I do a p/l report