Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Self Assessment - I need help!!

(15 Posts)
Flamesparrow Sat 22-Sep-07 11:08:48

Who said this was easy?!!?

So I did my turnover of receipts (have gone from when I opened to 31st July because my books need doing) - it comes up as a minus number (as expected)... but in the box where it totals up the info bit says about minus numbers but it only shows mine up as £0.

It then talks about loss and loss relief etc and I am just at the rocking in a corner stage now!!!! I have opened various information things about if I have a loss, but I am even more baffled.

Someone PLEASE help me, or tell me where to look for help.

Flamesparrow Sat 22-Sep-07 11:14:25

Right - changing to 5th april because they recommend that... can't remember if I was in loss then - doing it now

Flamesparrow Sat 22-Sep-07 12:26:32

Bump - please, anyone

SlightlyMadSweden Sat 22-Sep-07 12:27:30

Turnover cannot be negative. Profit can be 'negative.

Turnover is income without any deductions.

Flamesparrow Sat 22-Sep-07 12:38:55

"Your turnover is the gross amount of your trading receipts. Please also include the full selling price of any goods taken out of the business for your own personal use, or for your family and friends, minus anything you paid into the business for these goods. Any balancing charges will be added to your turnover and the total automatically entered at box 3.24."

So - I need JUST my takings for that bit, and I can fill in my spends later in the losses bit or something?

Wisteria Sat 22-Sep-07 12:40:56

Turnover = money into the business, irrespective of anything you have paid out.

SlightlyMadSweden Sat 22-Sep-07 12:42:07

Yes your spends go in a box labelled 'expenses'.
Turnover is JUST total income.

If your turnover is below £15K then you just lump all your spends together in 1 box.

If it is more than £15K then you have to itemise spends down to stamps and rubbish like that.

I assume you are doing this online? I find it easier to print the form and notes out and fill it in on paper. Then transfer the figures online. That way you can see the Qs that are coming.

Flamesparrow Sat 22-Sep-07 12:45:36

Oh you fabulous people - I have no idea how I even didn't see the expenses box blush

I think I am getting so flustered with 10 different things today that it all went horribly wrong! I'm fine from here on in grin

How's DD now SMS?

SlightlyMadSweden Sat 22-Sep-07 12:51:08

Which one?

DD3 (oral herpes) is fine
DTD1 (nasty nasty virus) is getting there - no fever but still has golf balls in place of glands
Me - ditto DTD1
DP - first day of nasty nasty virus
DTD2 - escaped all of above so far...

Flamesparrow Sat 22-Sep-07 12:55:58

Done! grin

It was DD3 that I was asking about, but eek to the rest of you!!!

charliecat Sun 23-Sep-07 12:19:54

when did you start up flamesparrow? i registed as SE in may and havent had anything from them...should i have had?

Flamesparrow Sun 23-Sep-07 13:05:52

I started in Feb. I got a pack of stuff through about being SE within a couple of weeks - nothing about doing the self assessment though, that you have to do yourself. But you don't have to until next year.

charliecat Sun 23-Sep-07 13:33:50

oh right , thats fine that, what are you doing now? if not your Self assesment?

Flamesparrow Sun 23-Sep-07 14:06:50

The self assessment is what I am doing now, because I started before April 5th, you don't have to until this time next year.


SlightlyMadSweden Sun 23-Sep-07 16:12:38

Yes you won't get teh Self assessment stuff until the April following your notification.

When DP registered as SE a business advisor from teh local tax office came to give him some ideas on how to do his day to day book keeping so that it would apparently be easy to transfer to SA forms. I overhauled that the first time I did his SA so it was much much easier next time.

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: