self employed offsetting expenses - part time

megadishu

Hope someone can advise.

Went into property development 2 years ago - we have made a loss as went in at the wrong time!! My partner and I are completing the partnership tax return and I think we are ok on that. I also have become ill with ME/CFS about 3 years ago and apart from doing property ended up training in NLP to try and offer therapy as ME can sometimes be helped using NLP techniques.

Since last March I also work very part time for an estate agents.

My question is do I just add up on my personal expenses from the training, mileage, computer etc. etc. i.e. everything used for the business and put the amount on my self assessment form. Totally lost at mo'.

Also is it worth putting a statement of facts and dates as to why I have hardly made any money from NLP business as I overdid it rushing around sorting out the property firm - became very ill - just feel like a disaster and working out how to fill in this form ...

Thank you.

Sally

thebaldwindowfitter

jus add it all up and put it one the form and no you dont need to give a reason for your lower income

fengirl_2

What is NLP? Is it some sort of therapy which you trained in and nothing to do with the property business? If so, there is no tax relief for this. Any training which merely puts you in a position to trade is not deductable. If you are trading as a therapist, then you should include all the other expenses in relation to this work as a separate trade to the property.
Do nnot attempt to exploan anything on the return in words - the system is not set up to recognise this and you will only draw attention to yourself.