Hi,
I'm self employed and the first two years of trading I received a weekly support payment from the government (a social welfare payment). This is not taxable income. I'm not an accountant but I am doing my own book keeping as my accounts are not too complicated.
I'd be very grateful on any advice on how to record this income in my accounts. It's not generated from sales and isn't taxable. Should I keep it seperate from sales income or should it be deducted on the profit and loss.
Thanks in advance
I'm self employed and the first two years of trading I received a weekly support payment from the government (a social welfare payment). This is not taxable income. I'm not an accountant but I am doing my own book keeping as my accounts are not too complicated.
I'd be very grateful on any advice on how to record this income in my accounts. It's not generated from sales and isn't taxable. Should I keep it seperate from sales income or should it be deducted on the profit and loss.
Thanks in advance