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Sole Trader Help TAX Return PLease

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  • zygurat789
    zygurat789 Posts: 4,263 Forumite
    Part of the Furniture Combo Breaker
    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.
    The only thing that is constant is change.
  • zygurat789
    zygurat789 Posts: 4,263 Forumite
    Part of the Furniture Combo Breaker
    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.
    The only thing that is constant is change.
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