quick expenses question - please help :-)

smik_2

Hi all,

does anyone know if you still need to declare your expenses if your total earnings don't go over the personal allowance limit for tax anyway?

I've been self employed for a few years now but was on maternity leave for 11 months of the tax year and so haven't earned enough to pay tax. just not sure whether i still need to work out my expenses anyway.

hope this makes sense

thanks
Karen

purdyoaten

Yes you do. You always have to declare your full accounts details - all income and all expenditure.

jimmo

Why?
Whilst it is always good business practice to maintain awareness of profitability what is the point of maybe spending hours to produce meaningless figures for your tax return?