I have received a nontaxable Winter Fuel Allowance of £250 from the Department of Work & Pensions. How do I record it? Also some of my income, Working Tax Credit & Industrial Injuries Disabilment Benefit I think are also nontaxable. How should I be recording these?
Hi Colin,
My guess is that the types of income you mention are not related to your business and therefore should not be recorded as income in Solar Accounts. If the money has gone into the business bank account record a General Transaction from the 'Owners Drawings and Personal Use' account to the Cheque Account.
However, I am not an expert on this and I recommend you check with your accountant.
Regards,
