First time doing self assesment help please

zangels

I have a couple of things I am not sure about when doing my tax return. It's only for 1 month of a new business as I started in March.
The first is when you have stock left that was purchased in the tax year 2011-2012 do you just put the amount the stock cost as a loss in that years loss total and then if it is sold the following tax year it then goes as a profit for that year? I'm not sure if that makes sense but basically I keep a bit in stock ready if someone places a order I can make it up quicker.
The other question is regarding my PAYE notice for 2011/2012. I don't have one:eek:: If I call HMR can they tell me my tax code and any other info from my PAYE form over the phone as its a bit late to be sending me one out I think or are they pretty fast with theses type of things?
Any help greatly appreciated. I am in such a stress about it all. Thank you.

Wywth

Stock should be included in your accounts under current assets.

If you are self employed, why would you have a PAYE notice?

Pennywise

zangels wrote: »

I have a couple of things I am not sure about when doing my tax return. It's only for 1 month of a new business as I started in March.
The first is when you have stock left that was purchased in the tax year 2011-2012 do you just put the amount the stock cost as a loss in that years loss total and then if it is sold the following tax year it then goes as a profit for that year? I'm not sure if that makes sense but basically I keep a bit in stock ready if someone places a order I can make it up quicker.

Deduct stock from your "cost of sales". I.e. if you've spent £2,000 on stock for resale, and have £500 of it left over at the year end, your "cost of sales" deduction in the tax return is £1,500.

You then add the £500 to the following years' cost of sales, and likewise deduct the closing stock again. And so on, year after year.

zangels

Sorry I should of said as its only for 1 month and a small amountI am doing my tax return as a total and not doing a break down.
On the tax return it asks about details on your PAYE notice so this is why I thought I needed one.
I'm sorry but I don't understand to be honest.
I thought that the stock I had left would the be a profit for the 2012/13 year as this would be the year it sold?
So if I spent say 500 in 2011/12 and 250 of it was sold 250 of it left
The in 2012/13 that remaining 250 sold the whole of the cost from selling it and not just the amount above the original cost would then be a profit for that year as the cost of it had already been accounted for in 2011/12.
I am totally confused and stressed about this tax return. I tried to call HMRC to get advise but couldn't get through.

zangels

Thank you pennywise. I have now added the value of my stock left on to the takings for the year. It took me a while to get my head around it but think I get it now. So my accounts for 2012/13 will start of with the expenses from that stock as a negative as if I'd purchased them in that year. Hope this is correct. Thanks again.