Hello!
I've been selling items for a few years to family/friends and made little to no profit. This year I have sold on FB, and will fill in a tax return to keep things right and above board.
I also work full-time in addition to this.
I made probably something like £500 profit after materials costs have been deducted. That doesnt include other expenses such as home utilities/mileage etc.
It is making me anxious, as I probably haven't kept all receipts safe and filed, so will be missing some of those, and also I have no idea how much time I have spent driving to deliver orders etc.
So, firstly, how "strict" are they with these things? Are they likely to ask for proof of all these things, since it's the first one I've filed? OR won't they bother, since it's a small amount of money?
Lastly, when it asks what the total income is, does that literally mean all the moneys I have received to pay for orders I have completed for them? eg in round example figures, the "income" could be £1200, costs to me £700, leaving a profit of £500?
Thanks in advance.