I’m a sole trader.
If I transfer money from my business account to personal, I can set the tax category as “paying myself” and the category as wages (?)
If I put money in, which tax category is for adding personal money to the business? None of them seem to match, it’s not earnings or a refund, or a transfer between business accounts.
As a sole trader, money you put into the business from your personal account is usually treated as an owner’s contribution, not business income. Money you take from the business for personal use is usually an owner’s draw rather than wages. The exact category name depends on the accounting software you’re using.
Exactly, I’m using Monzo MTD powered by Sage. There was an owner’s contribution category in the software I used previously (QuickFile) but Monzo doesn’t have one, hence my question.