Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Wed, 18 Jan 2023 23:42:44 GMT by belle
Hi! Before I got a sole trader bank account to make taxes easy I was getting paid from Shopify into my Paypal account, which I would then transfer to my bank account. However sometimes a personal payment would come out of that money before going into my bank account. When doing my taxes how do I reconcile this to make sure I'm declaring the correct amount?
Posted Mon, 23 Jan 2023 14:38:32 GMT by HMRC Admin 32

If you have kept detailed business records (as you are required to do as a sole trader) you should be in a position to make an accurate declaration of your self employed income when you complete your Self Assessment Tax Return.  

Business records if you're self-employed                                             

Self employment (short) notes (2022)

Thank you.

You must be signed in to post in this forum.