Help with SA Tax return, new business

Chimera

Hi there, I'm filing my tax return for last year. I only started trading in March so amounts are very little.

At moment profit is £54,and expenses is £123 - so I have made a loss.

I think I've done it ok, but have a few questions:

1. I used to run a business for an ex partner and I remember the accountant asking for start up costs (ie an estimate of the value of stock/materials we had bought before the start up date and used for the business). Can I do this? If so, do I just add to 'total allowable expenses'?

2. I'm a little unsure of what to put in the losses section?

• Loss from this tax year set-off against other income for 2010-11:£
  
• Loss to be carried back to previous year(s) and set-off against income (or capital gains):£
• Total loss to carry forward after all other set-offs including unused losses brought forward:

3. How do I work out mileage cost and where do I record it? Do I just add to expenses?

4. What happens to my losses? I believe I can offset this against next years tax - do I have to do anything about it now?

Here's hoping you can help?

Nici
x

steve1980

1: Any start up costs go in your outgoing section

2: You weren't trading so £0

3: upto 10,000 @ 40p per mile.

4: Start next years accounts with your loss as your starting balance.

heretolearn_2

At moment [STRIKE]profit [/STRIKE] income is £54,and expenses is £123 - so I have made a loss.