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Disallowable/Allowable
Swindlebiscuit
Posts: 28 Forumite
in Cutting tax
Hi there,
This is a pretty fantastic site! I've just spent three hours browsing it before posting my question.
Anyway - I'll keep this (possibly stupid question) short and sweet(ish)
I am recently self-employed and am currently filling out my self assessment form.
Do I need to put anything in the "Disallowable Expenses" parts of the form if I am a sole trader and do not "charge anything to the business"? I notice that entering any figure increases my amount of taxable income, which seems pretty strange to me.
Any advice appreciated - and thanks for your help!
This is a pretty fantastic site! I've just spent three hours browsing it before posting my question.
Anyway - I'll keep this (possibly stupid question) short and sweet(ish)
I am recently self-employed and am currently filling out my self assessment form.
Do I need to put anything in the "Disallowable Expenses" parts of the form if I am a sole trader and do not "charge anything to the business"? I notice that entering any figure increases my amount of taxable income, which seems pretty strange to me.
Any advice appreciated - and thanks for your help!
0
Comments
-
Disallowable expenses are things like depreciation and private elements of fuel for example. They increase your income but only because in terms of tax they should never have reduced it anyway....
HTH
0 -
Ah - thanks Timmne!
This thing has been frying my brain for the last few days, but I think that's the final piece of the jigsaw. Luckily my accounts aren't too complicated this year, but I think next time round I shall be hiring an accountant!
Cheers0 -
Like me
Happy to help.0
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