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Drawings - Are they listed on your expenses?

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Becky_simon

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Hi there

As the title says really. Iv not taken hardly any drawings out, ive done it twice for small amounts.

Where are my accounts should I be putting it? On the Expenses page as 'Drawings' how much detail to I need to put, just when and how much?

Thanks
 

Redduck

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I put all my accounts on one page with a column for 'incomings', a column for 'drawings' and then a column for 'expenses'. The drawings column is there for my information as when you work out your profit you just take your expenses away from your incomings. HTH x
 

topcuts

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it should be under the "private" column
 

cherrybaby

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Becky,

Drawings come out of your profit, they are not expenses of the business.

Please take this in the spirit in which it is meant but I cannot stress the previous advice I have given in your many other posts relating to accounts enough; These are basic questions that would be covered if you contact HMRC and get on their Newly Self Employed workshop or webinar.

HTH
 

Becky_simon

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Becky,

Drawings come out of your profit, they are not expenses of the business.

Please take this in the spirit in which it is meant but I cannot stress the previous advice I have given in your many other posts relating to accounts enough; These are basic questions that would be covered if you contact HMRC and get on their Newly Self Employed workshop or webinar.

HTH
I am taking everything inboard :) I have got into contact with a local accountant Who has said he will come out to me for free and discuss everything I can and can't claim and show me how to record it. All for free! Obviously if I choose to get him to do my return then he will give me a quote.
Iv emailed him bk to ask him to give me a few weeks then I shall make an appointment
 

cherrybaby

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That's excellent Becky. In the meantime I honestly would save up all these questions and speak to the accountant who is the most appropriate person to answer them and give you the correct answer, not just different opinions. :)
 

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