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Money matters

Need to complete tax return NOW!..need a bit of help..

9 replies

PinkChick · 03/06/2007 20:00

turnover inc other business reciepts and goods etc taken for personal use..does this mean how much money have i received for my work?

expoenses allowable for tax...does this mean everything i spent getting set up in business?
net profit...the difference between the two?

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Katymac · 03/06/2007 20:04

yep

Expenses allowable = only expenses actually for your business

Net profit = turnover-expenses

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Ceolas · 03/06/2007 20:05

Spot on

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PinkChick · 03/06/2007 20:07

ok, so expenses allowable, does this have to be too penny of can i make a calculated estimate?....still havent found out from I.L.R wether i should or shouldnt add on then take away the grants i was given but business adviser from surestart says not to bother..so if i dont add them on, but i can provide recipets if they wanted, would this be a bad thing to do???
cos i cant find out from ANYONE wether i should class them as income, he says not to add them as id just add then minus them cos they were spent on equiptment??..hmm, dopnt want to be hauled beofre ILR

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PinkChick · 03/06/2007 20:11

is there a number i can call to check again???thats open tonight as i really wnt to send this off in morn.

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Katymac · 03/06/2007 20:13

Don't put them in & don't claim those expenses

It shouldn't really matter

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Katymac · 03/06/2007 20:14

If you esitmate remember they can ask you to show how you got your figures - so wirte it down

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Ceolas · 03/06/2007 20:15

If you've spent it all and have receipts I'd put it in. Phone your tax centre tomorrow and ask. Don't think you'll get anyone tonight.

What about the notes that come with the form?

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PinkChick · 03/06/2007 20:27

its all higgldy piggldy in notes, BUT i have just delved into ILR site and i think ive cracked it!, ive read thatt any grants paidbefore start up are not taxable, only those that were given whilst trading, i have included the largest grant in my figures anyway(£500 and my total turn over comes to less than my taxable limit anyway!, shoulud i still put 'something' in expenses allowable for good measure incase they wonder why ive had no outlay?, i DO have all my recipets for everything if they do ask to see them.

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Katymac · 03/06/2007 20:36

Put everything you have in expenses - if you make a loss it can carry over to next years tax