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Please help with self assessment tax return!!!
NinkyNonk_2
Posts: 116 Forumite
This is my first time I've done a self assessment tax return and slowly completing the form. There's lot of it I have had trouble with but managed to find out what to put. But there's one thing I'm unsure about...
I make and sell handmade photo albums and sell them on ebay. I use a nifty device to bind my albums, a cutter for the pages and covers and wire cutters for the, well, wires. I bought these solely for my business. Do these come under expenses? Do these come under capital allowances?
I have little turnover, and minus expenses, my net profit will be a minus.
Next tax year (2012-13) I estimate breaking even or round about there.
Any help is greatly appreciated and hopefully I will be able to finish without any hiccups.
I make and sell handmade photo albums and sell them on ebay. I use a nifty device to bind my albums, a cutter for the pages and covers and wire cutters for the, well, wires. I bought these solely for my business. Do these come under expenses? Do these come under capital allowances?
I have little turnover, and minus expenses, my net profit will be a minus.
Next tax year (2012-13) I estimate breaking even or round about there.
Any help is greatly appreciated and hopefully I will be able to finish without any hiccups.
0
Comments
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They would all be expenses0
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I can answer your 3rd point - yes, he is likely to need to complete a tax return every year, even if he's living abroad. We lived and worked in Ireland for the best part of 5 years, and had no UK income at all, but still needed to complete. The upside is that it doesn't take long!!No longer a spouse, or trailing, but MSE won't allow me to change my username...0
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