self employed - semplex d book

raq

Hi all

Hubby started up on his own in september 2007. I am forever making sure I got all receipts , bank statements and soforth. When I come to do the figures for this coming April, ( I know he won't have a tax bill until January 2009 ), do I use what monies he made for the month , take of all properties drawings and expenses or do i just put down the PROFIT. I am working in a semplex "D" book, and when I went on a taxation course in september they advise me to do this and the first couple of years I would be fine actioning this info myself.

I am not too bad doing this paperwork as I have worked within finance for the past 20 years but I want to make sure I got it correct.

Also, sorry, we also claim wftc and tx , what figure do I give them in April. the figure they have at the moment is much more than we antispated we would be earning. Since hubby started we have paid out on a lot of equipment for the business.

I am currently working on december 2007 figures as we speak.:mad:

Your help would be great.

fengirl_2

First of all, you should be compling accounts before you even think about a TAx Return.
Your accounts should show the turnover , ie business takings, less a list of expenditure relating to the business, but this does not include drawings as these are personal, nor should it include equipment for which you claim capital allowances in your Self Assessment. Deduct expenses from turnover and you have the profit, on which tax is payable (less capital allowances).
The accounts figures are then put into the SA.
Are you able to use Excel? If so, you will find it far easier than a Simplex D book where the oppportunity for error in adding up is far more.

raq

fengirl wrote: »

First of all, you should be compling accounts before you even think about a TAx Return.
Your accounts should show the turnover , ie business takings, less a list of expenditure relating to the business, but this does not include drawings as these are personal, nor should it include equipment for which you claim capital allowances in your Self Assessment. Deduct expenses from turnover and you have the profit, on which tax is payable (less capital allowances).
The accounts figures are then put into the SA.
Are you able to use Excel? If so, you will find it far easier than a Simplex D book where the oppportunity for error in adding up is far more.

Thanks for the reply.
I have always worked on excel through my jobs. I always thought that this would be easier. Is there a certain website that I could copy or would I have to start from scratch??

raq

just read through your post again.

Pretty much sounds like that I have actioned the figures correctly

When I do come to receive the inland revenue paperwork, what's it like?? Is it a huge thing?? Or just 2 pieces of A4 and we complete the figures??? I can remember though that when I went on the course they did say and help that you require you can either phone or make an appointment with the local office

Pennywise

I've not seen a Simplex D for years, but I always thought that they had quite good guidance notes and tutorials in the front, and then summary forms at the back, which actually guide you through creating your own profit & loss account and balance sheet. I am also fairly sure, the guidance notes included the bits about how to transfer the figures from the P&L and Bal Sheet to the self assessment tax return. I actually quite liked the Simplex D because it was the only book that really did facilitate a business doing their own accounts and tax returns.

If thinking about Excel, why not just copy the format and the summaries out of the Simplex D as a starting point - one sheet per week. Alternatively, you could try using proper accounting software, www.vtsoftware.co.uk have a free cash book program you can download and www.winweb.co.uk have a free online full accounting ledger system.

raq

Pennywise wrote: »

I've not seen a Simplex D for years, but I always thought that they had quite good guidance notes and tutorials in the front, and then summary forms at the back, which actually guide you through creating your own profit & loss account and balance sheet. I am also fairly sure, the guidance notes included the bits about how to transfer the figures from the P&L and Bal Sheet to the self assessment tax return. I actually quite liked the Simplex D because it was the only book that really did facilitate a business doing their own accounts and tax returns.

If thinking about Excel, why not just copy the format and the summaries out of the Simplex D as a starting point - one sheet per week. Alternatively, you could try using proper accounting software, www.vtsoftware.co.uk have a free cash book program you can download and www.winweb.co.uk have a free online full accounting ledger system.

Thanks for this information.

You are right on the simplex d it is exactly how you have just descriped.
Whilst it is quiet this morning I shall have a look at the websites that you have stated.

thanks;)