Tax return questions

Henrta

Is there a website dealing with quick queries like this other than HMRC direct?
I'm looking for answers to where In a tax return transaction fees in platforms like Shopify and PayPal (per sale) go and then if it's a separate place to pay for domain costs and accounts..
The boxes and guidance aren't clear about where this is digitally represented.

Thanks

eskbanker

If you're operating as a small business, do you have any accountancy support?

soolin

Henrta said:

Is there a website dealing with quick queries like this other than HMRC direct?
I'm looking for answers to where In a tax return transaction fees in platforms like Shopify and PayPal (per sale) go and then if it's a separate place to pay for domain costs and accounts..
The boxes and guidance aren't clear about where this is digitally represented.

Thanks

If you have a low turnover and file simple cash basis accounts then all expenses are lumped together in one sum for your SA (obviously your own books would show them separately) . If you have too high a turnover to do simple accounts then they can be shown under any appropriate heading, business costs, selling fees or even other . 

If this is your first year of filing it might pay to get the help from an accountant, keep all their paperwork and just use the same headings etc going forward with the figures updated as required. There are even software applications now that can do it all as you go along, but I'm old fashioned so all mine are done in an old fashioned ledger book!

Henrta

Thanks for your replies.

I also paid a freelancer from the EU to set up the store and advertisement. I have been advised it does not belong in wages as they were not strictly employees. 
From reading the HMRC advisories this does not come under capital expenditures and it should go under advertisement also, or is elsewhere advised?

noitsnotme

Saqibrehman said:

Hey Henrta!

I totally get the headache. When I was getting the books in order for my business, SR Blinds, I spent way too much time staring at those HMRC boxes. It’s definitely not as clear as it should be! Since I’ve navigated this for my own shop, 

Shopify & PayPal Fees

These are Financial Charges. Put them in the Bank, credit card, and other financial charges box. Just remember to report your total sales (Gross) as income first, then deduct these fees.

Domain & Software 

These are basic admin costs. They go under Admin, support, and other business costs. * Better than HMRC? Check out GoSimpleTax or TaxScouts. They use plain English instead of tax-speak, which makes it much easier to know which receipt goes where.

It’s a bit of a maze at first, but once you’ve done it once, you’re golden!

This is an AI generated reply.

Henrta

Are there any other message board forums that deal with more tax related discussions?

LITRG

Hi Henrta, you might find our self-employment guide helpful. It contains a case study taking you step by step through completing a tax return: https://www.litrg.org.uk/working/self-employment/self-employment-guide. Thanks