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How should you enter a gift in the accounts? For example, my parents give me a paid amount. How should I enter this?
How should you enter a gift in the accounts? For example, my parents give me a paid amount. How should I enter this?
Do not declare it, as it is not business income. It is simply a transfer from your parents to you personally. It does not matter whether it is to your personal bank account or your business account, it makes no difference.
It is not professional income, so there is nothing to declare in terms of turnover.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.