How Do I Reconcile Pay As You Go Installments

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  • Updated 1 year ago
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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davkell

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Posted 1 year ago

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Kevin Russell, Accredited Partner

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Yes
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davkell

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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.