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Urgent simple balance sheet help, please?

5 replies

MessedUpWheelieBin · 26/05/2016 07:58

I have urgently submit my self employed carer's Balance Sheet for last tax year, this morning. (We sent a tax return and were told no, it needs to be a balance sheet, & about to be out of time.)

TBH they don't have one as they use simple cash accounting with HMRC, and have no stock, or liabilities, and assets of £2.99.

My understanding is a balance sheet for someone with such a v.small simple set up (self employed carer to several different clients - main expenses travel, insurance/fees, and disposable gloves) would just show boxes for:
Stock, Assets, & Liabilities
Money in, Money out, Balance.

Can anyone please tell me if this is correct? (googling examples isn't helping)

It looks too simple and scant, but I've only ever had involvement with ones involving premises, vehicles, machinery, depreciation etc before.

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Badbadbunny · 26/05/2016 08:03

It would help if you told us who wants a balance sheet. Different organisations have different rules and may or may not want it for different purposes.

MessedUpWheelieBin · 26/05/2016 08:18

So sorry, it's for DWP so carer can claim my carers allowance.
They automatically require one for the period from before the contract with me started.

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MessedUpWheelieBin · 26/05/2016 09:58

I hope 'DWP' hasn't scared people off! It's all agreed with them, they just need the right bits of paper, and I need to get it right, as the time limit is already stretched and another delay could mess it up all together.

I'm substantially physically disabled, 'entitled' to and need a carer to be able to work, (and study at uni) and maintain my (limited) independence.

New rules have sent the bill through the roof and I'm no longer able to afford to pay carers on my own, so letting one claim my unclaimed allowance and topping it up, is the way forward. DWP are happy with this.

The carers allowance claim form requires the person claiming carers allowance on my behalf to supply PAYE payroll details etc for agency work, (supplied) and a Balance Sheet for their self employed work, both are for the tax year prior to when they started working with me.

They misread the form where it said a balance sheet not a tax return, and sent their tax return, delaying an already urgent claim.

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museumum · 26/05/2016 10:01

I don't have stock or assets in my freelance job. Just have a simple income and expenditure spreadsheet. I think unless you've claimed for a massive piece of equipment like a car or electric wheelchair or lift then an income/expenditure sheet should be enough.

MessedUpWheelieBin · 26/05/2016 18:29

Thanks Museumum, no the carer wouldn't be buying or supplying anything like that as part of their service, and it's their self employed balance sheet DWP are after.

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