Sole Trader Help TAX Return PLease

zygurat789

shap101 wrote: »

Cheers

Does this look correct?

Profit & Loss Account

Total income 6,418

Direct costs
Opening stock 0
Stock - items for resale 10,814
Postage costs 641
E-bay fees 576
Closing stock 8,421
20,452 10

Gross profit (14,034)

How can profit be more than income

Opening stock 0 plus purchases 10814 = 10814 minus closing stock 8421
Cost of sales 2393. Sales 6418 Gross profit 4025
Less expenses 641+576 = 1217
Net profit 2808.

zygurat789

I suspect you are using an accounts package with profit and loss account and balance sheet. You do not appear to have the basic bookkeeping knowledge to use this properly.
Go to see an accountant February 2014 at the latest, you don't want him to have to sort out a full year of your bookkeeping, you just won't be able to afford that. He will advise you as to what records you need to keep so that he can produce accounts.