M
MadraRua
Guest
Sole trader, no VAT.
Two questions.
I have been paying most of my business expenses using my personal Laser card and my Da's credit card. I do have a business account where all invoices are lodged, but AIB won't give me a credit card because of low income. I am stuck with this less than ideal method of paying expenses.
So basically, all of my expenses come from my Drawings. My income for 2012 is €9000, I have withdrawn €8000 so far and have spent €1000 in expenses out of that from my personal account (or Da's card and then give him cash).
I know I don't have to file now, but I want to be prepared for next year. In the self assessment, can I enter €8000 in Drawings and €1000 in Expenses? Does it matter if expenses are paid from sources other than your business account?
Question 2: When I pay the Revenue from my business account via online banking, let's say €800, how do I record that in the next tax year? Is it a Liablilty or a Drawing?
Many thanks.
Two questions.
I have been paying most of my business expenses using my personal Laser card and my Da's credit card. I do have a business account where all invoices are lodged, but AIB won't give me a credit card because of low income. I am stuck with this less than ideal method of paying expenses.
So basically, all of my expenses come from my Drawings. My income for 2012 is €9000, I have withdrawn €8000 so far and have spent €1000 in expenses out of that from my personal account (or Da's card and then give him cash).
I know I don't have to file now, but I want to be prepared for next year. In the self assessment, can I enter €8000 in Drawings and €1000 in Expenses? Does it matter if expenses are paid from sources other than your business account?
Question 2: When I pay the Revenue from my business account via online banking, let's say €800, how do I record that in the next tax year? Is it a Liablilty or a Drawing?
Many thanks.