Self Assessment newbie - help please

ajoylessdodoran

Hi,

I am employed part time and set up a new self employed part time business last year. I now have to fill in my first self assessment form (doing this online) and have a couple of queries:

1. I received a business loan of £2000 from a colleague to buy equipment for the business which I am paying back monthly from income earned from the business - is the loan classed as 'income' for the purposes of self assessment as I haven't actually 'earned' this money? If not, where do I record the loan?

2. I received some Work & Child Tax credits for a few months last year, when I checked on the benefits section of the self assessment form these were not mentioned - the drop down box just appears to be disability, jobseekers etc no mention anywhere of the tax credits - where do I record these? Do I need to record these? There is a blank section right at the end of the self assessment form should I put in there how much I received?

3. I have an ISA - do I still record the interest from this as its classed 'tax free'?

Thanks in advance for your advice.

zygurat789

1. A loan is NOT income. the repayments are NOT expenses and so long as they are equal there is no entry on the tax return. If you repay more than you received it is interest and an allowable expense.
2. Do NOT enter these they are non-taxable.
3. Do NOT enter this. Nothing to do qwith an ISA is entered on the tax return

ajoylessdodoran

Thank you SO much, thats a huge help :-)