self employed help

antrobus

taxi-29 wrote: »

no im not registered online but will do soon, so with the expenses do i put it all in to claim and what kind of percentage?
and thanks for all the help

It's not possible to answer that question unless you provide more detail behind the £22,000 worth of expenses. I think that some of the replies already posted here give you some kind of indication that expenditure on X will be fully allowable but expenditure on Y may not be.

taxi-29

so what happens with the expenses? do i get some back in a tax rebate?

pipscot

taxi-29 wrote: »

so what happens with the expenses? do i get some back in a tax rebate?

no - you subtract them from your turnover to calculate your profit

no-oneknowsme

taxi-29 wrote: »

so what happens with the expenses? do i get some back in a tax rebate?

No , the expenses you incur go towards reducing your final tax bill . You do not claim anything back in the manner that you are thinking.

Think of it this way. The total amount you have earned this year is £33k..........yet BECAUSE of the expenses you have incurred you will only be liable to pay tax on the PROFIT - which is your total turnover (£33k) MINUS your expense , so a figure of £11k.

If you didnt have the expenses then you would be paying tax on the whole sum of £33k so this is the "tax rebate".

Are you ok with registering to file online ? If you need the link on how to do it just shout back.

ps You ARE registered as self employed and have a UTR number dont you?