AnonEngineer
New Member
- Messages
- 1
Hi,
Apologies for what is probably a very basic question. I'm recently-ish self-employed and struggling to understand "accountant speak". A family friend has been helping me out with understanding how to fill out the form 11. That was going fine, but at the end of last year I started paying into a PRSA, and now I need to record it. He left me with one note on this topic and then went AWOL, not responding to emails. His advice seems incorrect and i'm not sure what to do. If anyone could help clear things up i'd appreciate it.
To make things easier lets add some fake numbers. Lets assume I took in 105k, 5k expenses, 1k into PRSA (over multiple monthly debits)
Question 1:
Given similar numbers I would normally record "drawings" as 100k (105 - 5). The ROS note says to "net pension contributions". So I would have assumed I now enter 99k ((105 - 5) - 1). The only note I have from the family friend was "don't net pension from drawings". Which conflicts with the message. So what number do I type in below, please explain why if I do not "net pension contributions"
Question 2:
After this page there are multiple pages + sections related to pension. One of them is labeled PRSA with just an input, where as others require entering a lot of information about the pension, employer, employee, calculating USC or taxable income, etc. Do I simply enter 1k into the PRSA and nothing else? or do I still need to fill in some of these other sections, and if so, any advice or explanations on the fields i've to enter would be appreciated
Apologies for what is probably a very basic question. I'm recently-ish self-employed and struggling to understand "accountant speak". A family friend has been helping me out with understanding how to fill out the form 11. That was going fine, but at the end of last year I started paying into a PRSA, and now I need to record it. He left me with one note on this topic and then went AWOL, not responding to emails. His advice seems incorrect and i'm not sure what to do. If anyone could help clear things up i'd appreciate it.
To make things easier lets add some fake numbers. Lets assume I took in 105k, 5k expenses, 1k into PRSA (over multiple monthly debits)
Question 1:
Given similar numbers I would normally record "drawings" as 100k (105 - 5). The ROS note says to "net pension contributions". So I would have assumed I now enter 99k ((105 - 5) - 1). The only note I have from the family friend was "don't net pension from drawings". Which conflicts with the message. So what number do I type in below, please explain why if I do not "net pension contributions"
Question 2:
After this page there are multiple pages + sections related to pension. One of them is labeled PRSA with just an input, where as others require entering a lot of information about the pension, employer, employee, calculating USC or taxable income, etc. Do I simply enter 1k into the PRSA and nothing else? or do I still need to fill in some of these other sections, and if so, any advice or explanations on the fields i've to enter would be appreciated