where to adjust profit for stock.

wigglebeena

CIS wrote: »

The gross profit is calculated by taking the total sales and then deducting the cost of goods sold (purchases of stock + opening stock - closing stock).

looks like it should be in box 3.46 if your turnover is over £15K otherwise you dont need to break the figures down

so if your turnover isn't over £15k you don't need to subtract unsold stock? This is pretty much what I was told when I phoned HMRC t'other day. It seemed a bit odd, but I hardly liked to call back and say, 'are you really sure? really, really sure?'

For reals? (Sorry to resurrect, just wanna get it right).

Pennywise

wigglebeena wrote: »

so if your turnover isn't over £15k you don't need to subtract unsold stock? This is pretty much what I was told when I phoned HMRC t'other day. It seemed a bit odd, but I hardly liked to call back and say, 'are you really sure? really, really sure?'

For reals? (Sorry to resurrect, just wanna get it right).

No, you have to adjust for stock whatever your turnover - it's their notes that aren't clear, and the call centre staff will just be reading the same notes, hence they'll be confused too!

wigglebeena

Pennywise wrote: »

No, you have to adjust for stock whatever your turnover - it's their notes that aren't clear, and the call centre staff will just be reading the same notes, hence they'll be confused too!

mmm yes... Got to say I wondered if I'd got a temp who was reading from a script. Nice bloke though!

I feel like I ought to call and confirm with them now... but I feel a bit of an idiot calling the Revenue and basically saying, 'Ahem, I think you might have made an error advising me...'

Oh gaaaaaah! I have a headache now. Is self-employment really worth it?