Self Employed Tax Return, please help!

veddycent

I haven't included CIS deduction as an expense. It has its own section in the form

Turnover 36,000
Expenses 3,000
CIS Deduction 7,000

ceeforcat

In post 4 you had turnover £33000 less expenses £3000 (quite low) less CIS £7200 leaving a 'profit' of £25800. I would point out, howvwer. that you appear not to have included any capital allowances claim (depreciation) for either the van or tools, both of which must have some value.

However, based on what you have stated, your profit is £33000. Your tax and Class IV NIC liability would be £7487.80. YOu have paid £7200 in CIS deductions leaving a total bill of £287.80.

I assume that the profit is for the period 1st April 2010 to 31st March 2011?