Drawings for Form 11

Jamesw2

Last year I prepared a set of accounts for a sole trader.

Drawings was set up as a balance sheet account under equity.

Im drafting up this year accounts for tax computation.

Drawings is a balance sheet item and therefore the balance sheet is showing accumulated balance of drawings.

When I file Form 11 do I put in accumulated balance of drawings for the two years or deduct previous years balance?

KendraJ

Jamesw2 wrote: »

Last year I prepared a set of accounts for a sole trader.

Drawings was set up as a balance sheet account under equity.

Im drafting up this year accounts for tax computation.

Drawings is a balance sheet item and therefore the balance sheet is showing accumulated balance of drawings.

When I file Form 11 do I put in accumulated balance of drawings for the two years or deduct previous years balance?

AFAIK, you only put the current years drawings (excluding tax and pension payments) on the Form 11.

MBateson

As KendraJ said, only current year.