Self Assessment online where do I add the money I put in the business?

mae

This is my first time filing a self assessment so I am literally clueless.

I am employed so I have added the figures from my P60.

I started trading from Feb 2021 so I am only filing for Feb 2021 to April 5 2021. I made a loss so I was hoping to get a tax refund but I don't know where to add the money I put in myself onto the self assessment online.

Don't know if that makes sense but these are the figures:

Income - £239.99

Outgoings - £884.76

£1000 - Cash I added to the business myself.

I hope that makes sense and I would be grateful of any help. I know that I didn't have to file as the income was so low but I wanted to file so I could recoup the losses ie the money I put in. 

Jeremy535897

You need to understand the difference between profit and loss accounts and balance sheets. Using your figures, and assuming you have no assets other than cash in the business (like remaining stock), what has happened is as follows:

Profit and loss account
Turnover £240
Expenses £885
Loss £645
That's all you have to report (as you say, you don't need to report anything, but can't claim the loss against other income if you don't). (You can't use the cash basis if you want to claim a loss.)

You don't need to report balance sheet items, but you can choose to do so on SA103:
Balance sheet
Cash (£1,000 less £885 plus £240) = £355

Represented by capital account:
Cash introduced £1,000
Less loss £645
Capital account balance £355

mae

Jeremy535897 said:

You need to understand the difference between profit and loss accounts and balance sheets. Using your figures, and assuming you have no assets other than cash in the business (like remaining stock), what has happened is as follows:

Profit and loss account
Turnover £240
Expenses £885
Loss £645
That's all you have to report (as you say, you don't need to report anything, but can't claim the loss against other income if you don't). (You can't use the cash basis if you want to claim a loss.)

You don't need to report balance sheet items, but you can choose to do so on SA103:
Balance sheet
Cash (£1,000 less £885 plus £240) = £355

Represented by capital account:
Cash introduced £1,000
Less loss £645
Capital account balance £355

Thank you so much. Sorry another clueless question but what is a SA103? 

Jeremy535897

Part of your self assessment tax return where you report your self employed income.
See https://www.gov.uk/government/publications/self-assessment-self-employment-short-sa103s

You need to register as self employed. There is a guide here:
https://www.litrg.org.uk/tax-guides/self-employment/how-do-i-register-tax-and-national-insurance

mae

Jeremy535897 said:

Part of your self assessment tax return where you report your self employed income.
See https://www.gov.uk/government/publications/self-assessment-self-employment-short-sa103s

You need to register as self employed. There is a guide here:
https://www.litrg.org.uk/tax-guides/self-employment/how-do-i-register-tax-and-national-insurance

Thanks. I have already registered as self employed and I have the codes I need and I am logged in. I have filled in the employment part but wasn't sure where to put the figures you have broken down for the profit and loss. I will sign in again tomorrow and see if I can work out where to put the figures. Thanks again.