help with SA tax return for tiny business plz

sarahlou123_2

sorry also regarding my outgoings-are all of the things i put down my expenses (apart from nics & my laptop repair) so do i include postage, products such as fabric, threads, elastics, payment for listing things on ebay, misi etc. my paypal fee's & petrol for going to the post office. i re-use packaging where possible. do i put down all of these things in the expenses bit?
thanks

spenderdave

The tax form specifically says that if your turnover is less than £68,000 you can just put the total in box 19 (paper form). Your turnover is much less than that...

Assuming then that your tax return is totally separate from your husbands and you have no other taxable income, then with these sorts of amounts it doesn't really matter what you put on your form. You will have no tax to pay as it is way way below your personal allowance. Just put the turnover and total expense figures in (two numbers) and forget about the rest, it ain't going to make any difference, you have no tax to pay. You should also put the figures in to the nearest pound, round down income and round up expenses - this is how HMRC tell you to do it, forget the pennies.

Of course if you really want to make money out of your venture, you ought to be charging a bit more for the services as at the moment you are almost making a loss. You are not really in business...

hermum

I know this isn't what the OP asked about but aren't tax credits bringing in a new way of assessing people who are self employed & assuming that they will be earning at least the NMW for the hours worked? Or will that only make a difference if OP was claiming as a lone parent?
Op it may be worth posting on the benefits board if unsure of this.
You could end up having your WTC cut & not being able to earn enough to cover the shortfall.

no-oneknowsme

hermum wrote: »

I know this isn't what the OP asked about but aren't tax credits bringing in a new way of assessing people who are self employed & assuming that they will be earning at least the NMW for the hours worked? Or will that only make a difference if OP was claiming as a lone parent?
Op it may be worth posting on the benefits board if unsure of this.
You could end up having your WTC cut & not being able to earn enough to cover the shortfall.

Hi hermum.

I think there is talk of tco dealing with the self employed people in a different manner from NEXT April.

What (I have heard) they plan to do is assume that self employed people are earning the national minimum wage per hour - so if you work 40 hours per week @ NMW then they will assume that you have earnings of £233.20 per week. This is instead of the (much) lower figure that many self employed people are reporting to tco.

This is being done as a lot of self employed people are suspected of saying that they are self employed ONLY to be eligible for tc's when infact they are not genuinely self employed....

hermum

no-oneknowsme wrote: »

Hi hermum.

I think there is talk of tco dealing with the self employed people in a different manner from NEXT April.

What (I have heard) they plan to do is assume that self employed people are earning the national minimum wage per hour - so if you work 40 hours per week @ NMW then they will assume that you have earnings of £233.20 per week. This is instead of the (much) lower figure that many self employed people are reporting to tco.

This is being done as a lot of self employed people are suspected of saying that they are self employed ONLY to be eligible for tc's when infact they are not genuinely self employed....

That's what I've heard although I wasn't sure when it was going to be implemented.