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drawings......where do they go?

4 replies

toomuchsand · 27/12/2011 18:19

am having a nightmare trying to fill in my tax return. my company hasn't been doing any business (by choice, family reasons) so its 0 income, but has capital so no loss. I have taken out about a grand of drawings and am now filling in my tax personal return. I have no clue where it goes, I have never taken a salary. does it just go in other uk income? if anyone can help that would be great. thanks!

OP posts:
toomuchsand · 27/12/2011 18:38

would i even include drawings in my personal tax return?

OP posts:
TalkinPeace2 · 27/12/2011 21:36

drawings are nothing to do with your tax return
have a look at the sample set of accounts on the page I wrote for ebayers
cgi3.ebay.co.uk/ws/eBayISAPI.dll?ViewUserPage&userid=talkinpeace
you should just have to put in turnover and expenses

MrAnchovy · 28/12/2011 00:26

Is this really a company (i.e. registered with companies house)? If so, there is no such thing as drawings - the company can make a loan to you, repay an existing loan from you, pay you a salary or pay a dividend. Each of these has different implications for reporting and tax, and you need an accountant to work out what is best to do and how to do it.

If you are simply registered as a sole trader, drawings are not included on either the business or persoanl tax return.

toomuchsand · 29/12/2011 03:44

thanks that's really helpful, plus i'll contact hmrc:)

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