Council tax reduction, they need profit and loss ?

textbook

They are asking for my current profit and loss account. They cannot calculate my council tax reduction from receipts. If I don't have a proft and loss figures, I need to give a self employed earnings information form online with full details of income and expenses for last 12 months and tell them when next profit and loss will be available.


My 2016-2017 tax return was done by accountant, but I haven't done 2017-2018. Not very good at accounts. Don't really know what I am doing! Should I ask my accountant?

[Deleted User]

If you can't produce the figures then I suppose getting your accountant to do so is the next best thing.

Afraid_of_Kittens

The council's self employed forms are very simple. You just add up each category of expense. They can't use your accounts or HMRC tax return because some of the expenses allowed by HMRC aren't allowed under HB regulations. They won't spend hours going through your receipts - it's up to you to add them all together.

A_Nice_Englishman

Afraid_of_Kittens wrote: »

The council's self employed forms are very simple. You just add up each category of expense. They can't use your accounts or HMRC tax return because some of the expenses allowed by HMRC aren't allowed under HB regulations. They won't spend hours going through your receipts - it's up to you to add them all together.

Something anyone running a business ought to be doing anyway. If they don't. how will they know whether they're making a profit or have enough to pay their tax bill when due?