Full time and Self Employed tax question.

gemma84_2

Hi,

I have a full time job that pays £14500 before tax, as of early Dec 09 I have also registered as self employed for a job I do in the evenings and weekends as a diet consultant this involves both in home ( i have a room dedicated purely for this) and mobile appointments.

I'm aware that I would be able to claim for mileage, proportion of utilities bills etc. As I am still building my stock levels all money I receive from clients goes back into stock and I pay for all bills out of my main PAYE. Someone mentioned to me that I may be able to get some tax back as there is no profit being made would this be through my normal PAYE or a refund when I do my first SA.

Thanks

Gemma

fengirl_2

You cannot claim for anything, but all your business expenses must be recorded and included in your accounts as they will reduce the amount of tax you pay.
If you make a loss, you can claim to have that set against your other income in the year. This would be shown on your SA.
However, you can only include in your accounts the cost of stock which has actually been sold, any stock in hand is shown in your balance sheet.

gemma84_2

Thanks fengirl.