Cis tax return help please

markus_1986

hi all just joined today so first things first hello everyone:D

im hoping for help with my tax return which im filing this wednesday.

ive been self employed since the 26th sept 2010

ive paid £1508 in tax and earned £7500 this tax year.

problem is my expenses are roughly £2400 so do i claim expenses or only claim up to £1508 as if i declare a loss do i lose my tax rebate.

many thanks in advance for any help

Hammyman

On the S/A form, you put your income and expenses from self employment. For PAYE, you fill in the PAYE page and put the gross taxable income and tax paid. Your self employed profit/loss will be added/taken away from your PAYE gross income, the total taxable pay worked out then what you've paid through PAYE deducted from that and a bill or refund sent to you.

However in your case if you've been self employed and employed and your claimable expenses in self employment are more than your income from self employment, you'll get a refund of part of the PAYE income.

Also when doing both S/E and PAYE in the same tax year your gross income for benefits is your PAYE plus self employed profit or PAYE minus self employed loss.