Help with SOA please

[Deleted User]

I'm trying to do the SOA and getting myself really confused :-
my income : I'm self employed is average monthly after (allowable) expenses which is available for drawing is this OK?
car expenses: claim mileage as expense so do I include?
mobile phone: as above for business use do I include?

I don't consider the following my 'business' but had to & it will go with br -
Other income: rent (unsold house is large part of cause of br)
other insurance: expense against house to cover all for renting it out.

I pay towards my pets food & personal care and contribute to housekeeping as much as I can, DH pays everything else (I'm so grateful)
On my SOA do I match his income on the form to essential outgoings?
or put his full income and add a general outgoing for his extra commitments?

Thanks in advance

IF

Hello lbm, I'm not very good at soa......just bumping it x

IF

Just bumping again x

sizzler

lbm wrote: »

I'm trying to do the SOA and getting myself really confused :-
my income : I'm self employed is average monthly after (allowable) expenses which is available for drawing is this OK?
car expenses: claim mileage as expense so do I include?
mobile phone: as above for business use do I include?

I don't consider the following my 'business' but had to & it will go with br -
Other income: rent (unsold house is large part of cause of br)
other insurance: expense against house to cover all for renting it out.

I pay towards my pets food & personal care and contribute to housekeeping as much as I can, DH pays everything else (I'm so grateful)
On my SOA do I match his income on the form to essential outgoings?
or put his full income and add a general outgoing for his extra commitments?

Thanks in advance

Firstly hi and welcome.

Are you going to trade after BR is my first question if yes.

Deduct your business expenses, materials, cost and tax and vat if applicable.

Motoring, business phone etc.

Then this is your monthly disposable income to take home as it were.

Fill in all colums for living expenses such as rent, gas, electric and so on.

Hope this is some help.

Regards sizzler:)

Heycock

Your income is your net profit before tax plus any benefits.

[Deleted User]

sizzler wrote: »

Firstly hi and welcome.

Are you going to trade after BR is my first question if yes.

Deduct your business expenses, materials, cost and tax and vat if applicable.

Motoring, business phone etc.

Then this is your monthly disposable income to take home as it were.

Fill in all colums for living expenses such as rent, gas, electric and so on.

Hope this is some help.

Regards sizzler:)

Thank you so much - somehow the way you worded this has helped light bulb glow. I'm much clearer on how to tackle it now.
Self employment has been the only option left to me so will be carrying on the same.

You answered a Q elsewhere on trading name - I'm just known by my name & what I do should I consider that a trading name?
I might want to invent a 'business name' soon as I add more to my skillset can you shine any light on that?

I also assume I'll have to do yearend to day before BR, then start fresh books for after.

Again many thanks
lbm

[Deleted User]

Heycock wrote: »

Your income is your net profit before tax plus any benefits.

Thank you - I do understand that - I was getting confused thinking in terms of SOA being monthly - some recent monthends I have a loss so assume an averaged out figure will have to suffice for the forms. I guess as long as I can explain i'll be OK
Thanks again

sizzler

if you did not have a trading name

Just put down

Joe blogs Plasterer sort of thing.

cheers sizzler:)

[Deleted User]

Thank you