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Explaining expenses in a tax return

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textbook

textbook Posts: 784 Forumite

Part of the Furniture

500 Posts

Name Dropper

Combo Breaker

27 January 2023 at 2:19PM in Cutting tax

Sorry to bang on about this but -

cost of goods bought is simply things like paint, etc?

car, van and travel expenses- cash paid at the petrol station (didnt use mileage) plus van servicing, MOT etc
one
phone, fax stationary- phone bill every month plus an entitlement everyone gets around e.g. £300 ?

accountancy, legal and other professional fees - last tax return

Other business expenses- whatever cant be categorised?

0

Comments

Jeremy535897 Posts: 10,732 Forumite

27 January 2023 at 3:43PM

Your turnover is way below the £85,000 limit for categorising expenses. Proper accounts will categorise, usually along the lines of SA103F categories:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1063747/sa103f-2022.pdf

This is HMRC's explanation of allowable expenses:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1063748/sa103f-notes-2022.pdf

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