Tax Return

System

On the self-employment page online just below where you enter your turnover it gives you two little round circles. One offers you the opportunity to enter the expenses as a lump sum and the other the opportunity to list them in more details. If you highlight the one offering the chance to enter them as individual categories then that's what will appear. If you only want to enter the total as a lump sum then go back and highlight the relevant circle.

katies_mum

Thanks Pam17, have already sent it, didn`t see any two little round circles, I have put it all in box 19. Ooops, hope what I have done is ok, not much I can do about it now.

no-oneknowsme

Pam17 - is it ok to enter expenses as one lump sum?

no-oneknowsme

katies_mum wrote: »

Thanks Pam17, have already sent it, didn`t see any two little round circles, I have put it all in box 19. Ooops, hope what I have done is ok, not much I can do about it now.

Katies-mum , i dont recall seeing the two little circles either but i DO remember reading that if turnover was below £68k it was ok to use only box 19 to lump all the expenses together.

I too am hoping this is ok....

System

no-oneknowsme wrote: »

Pam17 - is it ok to enter expenses as one lump sum?

Yes it's ok to enter as a lump sum.

no-oneknowsme

Hiya Pam and thanks for that !

I was just reading through some other posts and noticed that a new user has asked this question regarding how to record business/private usage of a vehicle . No -ones answered them yet and their question is something i would be interested in too. You couldnt confirm the answer could you ?

Heres a quote of the question asked :

Also , when it comes to the private use proportion of your car , do you calculate this first in your own books and then put only the business expense % on the tax return or do you list your expenses as a gross amount and then use another box on the tax return to deduct the personal use % ?

I think what they are trying to ask is does the personal use monetary amount ever be recorded on the actual tax return or is it just the business percentage which gets recorded?

katies_mum

Pheww!! thanks Pam17. Pressing the button to send the return is horrible I hate doing it, then of course you are convinced you have done it wrong!! fingers crossed I`ve put everything where is should be.

I do little personal milage in my car as it eats the petrol, when I used an accountant he proportioned it 80% business and 20% personal - I just work out the total figure and then put down 80% of this total if that makes sense...I assume its ok as thats what he always did. I never record the personal bit (just in my notes with all my paperwork have the total and then 80% next to it.

no-oneknowsme

Thanks Katies-mum !

This is the first year I have had to worry about self assessment and its not even for me , its for my OH !

I was always under the impression that you had to include ALL expenses on the return and then show the figure that you calculated as your personal use percentage at another box of the return ?

I guess I must have done it correctly anyhow as the profit from OH's business was only a few hundred pounds this year (only started in March 2010) and the amount of tax calculated on his return tallied with what we expected.

I know exactly what you mean though about the fear when you hit that "send" button lol.

katies_mum

Hi, so pleased I might have been able to help for a change, I always seem to be asking for hel[. I also do the same for my phone 50% / 50%.
Lovely to hear OH has made a profit! so soon. I made a small profit but after 15 years I see it going down and down every year..for more and more work! but still here and still going so her`s to another 15 years.
I think pressing the `send` button is just awful.. feels so different to putting your return in an envelope with a stamp on it.

no-oneknowsme

I think next year I may just consider using an accountant lol.

This years was easy enough because the business had only started a few weeks but next year when theres a whole year of income and outgoings....

You see the problem we have is that OH has some expenses that are 100% business and 0% personal and then he has others which are maybe 75/80% business and the rest personal ....
Maybe I should just let OH look after his own finances eh? :rotfl: