Urgent self employed expense question

Thomask

Hi

A quick question before I submit my tax return prior to midnight.

I work as PAYE and self employed. For the 11-12 tax year most of my income was earned as PAYE yet I still spent a considerable amount of money on expenses which can be written off under the self employment rules.

Are there any percentage ratios which shouldn't be used. For example, my self employed earnings were only around £1400 yet my allowable deductable expenses would be around £800 as I purchased items required to carry out my self employed work for now and the future etc.

Thanks

HappyMJ

Leaving it a bit late aren't you...

You can claim any expense against your income to reduce your tax. If your expenses exceed your income you have a loss which you can carry forward to future years to reduce tax payable in the future.

So...just put £1,400 as income and £800 as expenses and leave it at that. The HMRC won't be worried too much about small amounts. You can correct any errors later.