Working from home cost allocation

[EzetoolGroup]

Hi all, I had an accountant complete my quickfile accounts for the past 8 years or so and she badly let me down so 18 months ago we parted company and Iset up my own quickfile account which I am managing well( I think) but am trying to iron out some wrinkles. From this April I will not be inporting my personal and business account statements and have not been advised by you guys to submitt everything through my business account tokeep tagging simple (thank you)

To keep costs down I now work from home and can claim a percentage of heat. light & power, mobile, internet, house insurance and vehicle costs from what my total bills are. I pay most of these costs from my personal account and could easily move the direct debits over to my business account but I would like to know how I create these in my purchase ledgers. an example:

my BT is £30 per month for internet and phones,

I can claim upto 60% of this as a business costs which would be £18

When I create the purchase in quickfile, do I enter the amount as £30 and put a note on saying £18 for business use. If I do this the £30 can be tagged against my bank statement however, the P&L report will record the wrong amount as am only claiming £18 (as set out by hmrc guidelines for working from home).

Is there a way to record the amount being claimed for in my accounts and also to accurately tag this against my bank statement.

I apologise for my ignorance but I am slowly getting the hang of quickfile so I am looking to the more experienced out there for some help. Regards Mike

[Paul_Courtier]

“From this April I will not be inporting my personal and business account statements and have not been advised by you guys to submitt everything through my business account tokeep tagging simple (thank you)”

Its unlikely anyone advised you to not import your business bank statements. That’s exactly what you should be doing. And I doubt anyone advised to move your personal expenses over to your business account either.

With regards to use of home allowance, no don’t change the direct debit to your business account.

If you create a nominal for use of home and then create a journal entry to add the business use amount, you can then balance it by creating the other side as either a directors loan account or proprietors drawings, depending on whether your a sole trader or Ltd company.

You may also benefit from hiring a new accountant.

[EzetoolGroup]

Hi, my mistake with the typo, I was advised to only submit my business account info and not my personal account… I do understand self assessment and submitting my accounts but it was just how I display these clearly in quickfile. I will take your advice on board. Many thanks.