Does anyone know if you had a loan and paying back through a % of your sales how to report it

Paying loans determined by a percentage of sales can be quite challenging in QuickBooks Self-Employed (QBSE), Kirsty. It's best to consult with an accountant for accurate reporting and transaction categorisation.

Categorising loans and their corresponding payments based on a percentage of your sales isn't a straightforward process in QBSE. Given the complexities involved, including potential changes to your financial reporting and tax obligations, I recommend seeking the expertise of an accountant. They can provide tailored guidance and help you pick the appropriate categories for this process, ensuring that your financial records remain accurate and compliant.

Also, you can read this informative article that explains the differences between allowable and disallowable expenses in detail. It will help you better understand which costs can be deducted from your taxable income and which cannot. Additionally, the article offers guidance on how to categorise your loan payments effectively: Allowable and disallowable expenses explained.

Stay organized and informed about your financial activities while getting ready for your Self Assessment for your Income Tax return by utilizing the comprehensive checklist. It covers everything from the essential registration requirements you need to fulfill to the critical submission deadlines you must meet.

With the help of an accountant, you'll easily navigate each aspect of categorising loan transactions and their associated payments, ensuring that you don’t miss any important details along the way. If you have any other QuickBooks concerns, I'll be around to lend a hand.