Is there any point in knocking myself out?

Tinytoes_2

I'm self employed (sole trader) and completing my 2011-2012 Self Assessment. I only ever have to complete the short return as I don't earn much, so I only have to state three figures - income, expenditure and net profit. Having been quite ill for most of that year and with various domestic crises (worst year of my life, TBH) I'm afraid I haven't kept a written record of my expenses for the period as I should have, although I do have all my receipts and bank statements in one place, ready to be input. My question is: since my income is far below the personal allowance, is there any point in calculating all of my expenditure in minute detail to arrive at a final figure, since I won't be paying any tax anyway? I've detailed all the biggest expenses, such as supplies, in my records (as well as everything that went through my bank account), but the thought of wading through every last bus ticket and scrap of paper relating to cash purchases makes my heart sink. I will make the deadline either way, but if it's not necessary, I'd really rather avoid the extra work if it's going to be a wasted effort.

Just for info: If I did detail all my expenditure, it would not result in a loss for the year, so it wouldn't have any effect on future years. I don't expect to exceed the personal allowance in future years either, as my business is only a part time venture.

Randvegeta

Personally I wouldn't bother as there is no upside with that extra workload. Just collect enough receipts to get you out of paying income tax and submit. Keep the receipts in case you get gruelled later on.

le_loup

Randvegeta wrote: »

Keep the receipts in case you get gruelled later on.

'cause then, you may have to do porridge!

Randvegeta

Such a kidder right Le Loup?