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reconciling transactions reimbursing myself for expenses as self-employed (uk)
user
for anyone that's curious, i had a number of chats with quickbooks who recommended i import only the relevant business transactions from my personal account & personal credit card in order to lower the tax liability. this way money "paid" from the business account to myself rightly shows up as a transfer and not as income. this means when generating a tax report, it calculates the correct rate of tax to be paid based on income minus allowable expenses, regardless which account they came from.
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