Self employed on-line tax return query

Onawingandaprayer

Bit puzzled by section on online tax return (helping daughter with hers. 2nd year of self employed trading)

Under the heading Capital Account, it's asking

94. Balance at start of period
95. Net profit or loss
96. Capital Introduced
97. Drawings
98. Balance at end of period

Obviously 95 and I guess 97 are not a problem (assuming for the latter it means ALL her drawings for the year?) but the other questions I'm floundering over.

And I can't ignore them because it won't let me continue.

Don't recall it from her first year's return.

Can any wise soul help?

Thanks

btw. spent 12 minutes on Revenue's self assessment helpline and was then promised a call back within FIVE working days! Hmm...

warwicktiger

Is she a sole trader? If yes these questions are irrelevant.

This questions look designed for those in a partnership, eg accountants, not a sole trader.

nomunnofun

warwicktiger wrote: »

Is she a sole trader? If yes these questions are irrelevant.

This questions look designed for those in a partnership, eg accountants, not a sole trader.

Not correct - this section applies to those who prepare accounts with a balance sheet including sole traders - if no balance sheet - go back and indicate so

Onawingandaprayer

nomunnofun wrote: »

Not correct - this section applies to those who prepare accounts with a balance sheet including sole traders - if no balance sheet - go back and indicate so

Ah thanks. She is a sole trader. So I guess this question has turned up because of an earlier answer in the form. ie do you have a balance sheet? I'll go back and say 'no' rather than 'yes'.

Many thanks

PlutoinCapricorn

Sole traders whose income is under a certain amount need only input three figures: Income, Expenses and Profit.

The amount keeps increasing, but is currently around £70k.

John_Pierpoint

About the same as the VAT threshold ?

jimmo

PlutoinCapricorn wrote: »

Sole traders whose income is under a certain amount need only input three figures: Income, Expenses and Profit.

The amount keeps increasing, but is currently around £70k.

In which case you can complete SA103S which is simpler than the SA103F which you seem to be having trouble with.
http://www.hmrc.gov.uk/forms/sa103s.pdf

booler

See an accountant. I thought I was clever enought to fo this myself iuntil I employed an accountant. In the first year she charged me £150 and saved me around £750. No brainer!