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Posted 17 days ago by Kendo65
Hello, I am lead to believe that as a sole trader I can make drawings, these drawings are not recorded in expenses for the purpose of a sole trader and self assessment, I keep a digital record of all of my drawings, these drawings are for personal use and not connected to the business. Are these drawings to be recorded anywhere in the self assessment process. Thanks in advance.
Posted 10 days ago by HMRC Admin 17 Response

Hi ,
 
On the supplementary page SA103F page SEF5, you would declare drawing in box 98

( fSelf-employment (full)  ). 

If you are completing an online tax return, you would tick yes to the box asking if your have an annual turnover of more than £90,000. 

By doing this, you have the full self employment. 

Tick 'yes' to the option to include a balance sheet.  Enter the drawing in the last box on page 2 of 2 of the balance sheet.

Thank you .

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