Tax return help please

Mrs_Huggett

Hello all, I hope someone can help me with filling in the final parts of my tax return, I started my hire business last year and that is the problem, when I come to filling in the money spent I have added it all up, lumped everything in together, so that all the stuff I hire out and all the business cards, rental charges for stalls at events etc etc, then I have popped in the amount I have made, ok so got a deficit there of quite a bit APPROX 3,000 ( I know crap at business right?) have no idea of what to put for the Annual investment allowance, Allowance of small balance of unrelieved expenditure,other capital allowances, total balancing charges, where you have disposed of items for more than their value, what does it all mean? Can someone please tell me in plain english, my head hurts and I am sick with worry! (It's a vintage Hire business, crockery and games, bunting etc)

paddyrg

Sounds like you need an accountant - this is exactly what they do :-)

Mrs_Huggett

Thanks for your helpful reply paddyrg, I managed to fathom it out in the end and have submitted my return.

Acc72

Mrs_Huggett wrote: »

Thanks for your helpful reply paddyrg, I managed to fathom it out in the end and have submitted my return.

HMRC publicity machine encourages people to do their own tax returns, often making it sound very simple.


If my car breaks down, I can either pay a mechanic to fix it or use Google etc. and have a go myself.


One big difference is that if I have a go and don't fix the problem then the car won't go.


If somebody makes a mistake on their tax return submission they do not know (as the system will pretty much accept anything you key in) - that is, until you get a review and find that it has been wrong for a number of years and are faced with penalties.