Friday night frolics

Burlesque_Babe

Right - VERY stupid questions alert time.

i'm filling in my tax return for last year whilst partying (probably not sensible, but hey)

Never done one before and I've done the employed bit, but I have to fill in the self employed bit for the AQA work I did.
So........(and don't laugh at these questions)

1. Is 'turnover' how much I earned??? (q 3.24 for those who also have forms to do) I'm a freelance researcher and earned £3,500 from July to March - is that my 'turnover'?????

2. Does 'Expenses allowable for tax' (q 3.25) mean this is where I put the results of calculating this allowance?

http://www.taxbuddies.com/calchomold.php#

3. Apparently I HAVE to fill in 3.74 and 3.75 which are

"Adjustments to arrive at taxable profit or loss

Basis period begins (3.74 date) and ends (3.75 date)"

Does this mean 'put the dates you worked this year?' i've already done that in the 'accounting period' section.



(goes off to get tax return dunces cap)

Toto

In the first one you put your turnover which is everything you have earned.

In the second one, put in all expenses which are tax deductable, internet, phone bills, and I believe 1/3 of utilities, mortgage etc as you work from home. That's what I do, I do have a dedicated floor for the business though, 3 story house, so ground floor is office, storage and general dumping ground for poorly drums, drum charts and broken sticks.

You then deduct the expenses from the turnover and that gives you your actual taxable income.

In_Search_Of_Me

not sure keren but check whether you can use broadband fees as an expense against tax...also any stationary etc yu got & if you got a new laptop etc fairly sure this can be deducted but you need receipts..

Burlesque_Babe

Toto wrote: »

In the first one you put your turnover which is everything you have earned.

fab.

Toto wrote:

In the second one, put in all expenses which are tax deductable, internet, phone bills, and I believe 1/3 of utilities, mortgage etc as you work from home. That's what I do, I do have a dedicated floor for the business though, 3 story house, so ground floor is office, storage and general dumping ground for poorly drums, drum charts and broken sticks.

Mortgage????????? I can add 1/3 of my mortgage for the months I worked from home??? :eek: Where I am in the house is my second bedroom and is only used as my 'working from home' area (and MSE'ing are!!) The utilities are covered in the working from home calculator

Toto wrote:

You then deduct the expenses from the turnover and that gives you your actual taxable income.

Cool :cool:

Now getting a bit excited that I might be able to chop a bit slice off......in fact, 1/3 of my mortgage would be more than I earned!!!

Fishface - So, I can put down my broadband charges for those months - even though I had broadband already?

Toto

Your income isn't enough to worry about too much last year. But do read up on what expenses you can claim. I put anything and everything through then let my accountant throw out what he thinks I can't deduct. But I put clothing, shoes, food for working hours ( on the road or not), your computer, anything you use for research purposes, any books, even pens, stamps and envelopes. Everything. I even have an entertaining budget, which allows me to dine out every now and then with clients. All restaurant bills go through the business (not that we go that often) but usually we are talking about the business anyway, these things are always a directors meeting.

My accountant did throw out my automatic cat feeder, which I thought was a bit rough on the kitties, after all someone needs to feed them when I'm on the road and I think the nanny has enough to deal with:rotfl:

Toto

I have always put through 1/3 of my mortgage, now I'm renting it's 1/3 of the rent. In my old house we had a lot of warehouse space too, so our bills were huge, and the office was my dining room. I had a tax inspector come out and he said it was fine to claim 1/3 of my mortgage, so I did.

I don't see why you can't, there's no difference between you and us. I was simply self employed in the early days before we went limited.

In_Search_Of_Me

I think the tax office do a leaflet of what can be deducted but for AQA you have to ave internet so dont see why not but DO check as I am no expert & never filled one in but did investigate last year!

Toto

Yes you can put down broadband, it is essential for your business so is a clear deductable expense.

Burlesque_Babe

ok, cheers . I've put a message on the AQA staff group to ask if I can definitely do the broadband bit

I've already used my full allowance up on my main job for last year, so the £3,500 will be taxed at 22%, so anything deductable is helpful!!!

Cheers gang :T

(edit: crossed post Toto - I'll just need to dig out a broadband bill now for how much I pay!!)

Toto

lennymfo wrote: »

I'm about to go now and I won't be around for a party tomorrow night either. I've changed eh! I'm having cheese on toast with OH and tomorrow night we are having a meal, champagne and strawberries and hopefully stacks of nookie and guess what I've bought to set the mood..........

oysters?