How Do I Reconcile Pay As You Go Installments

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davkell
davkell Member Posts: 25 Reckoner Reckoner
edited October 2024 in Reckon One
I have just finished my first year and have 'saved' cash reserves for payment of the tax liability as a Sole Trader. And this year I believe I will have to pay tax by installments each quarter. How do I reflect this withdrawals from my account? Do I just include them as 'Equity' titled "Drawings" as I currently do for withdrawing income?

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  • Zappy
    Zappy Accredited Partner Posts: 5,355 Accredited Partner Accredited Partner
    edited August 2019
    Yes
  • davkell
    davkell Member Posts: 25 Reckoner Reckoner
    edited July 2017
    Thank you Kevin. Appreciated. Getting the hang of things. And to save anguish (that I saw from another post) best to have any refunds paid into a personal account.
     
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