please help me with my tax return

someonehadmyusername

i started self-employment last year in dec 04 with inbiz (still recieving income support)

i went out on my own without inbiz in feb 2005

the IR have told me to do my tax return from dec 04

i got 3 grants last dec (jobcentre/action team for jobs/princes trust) and a loan from princes trust

IR tell me i dont have to include these on my tax return
is this right

i bought a car last dec too, how can i justify having a car if there was no money thee to start with (loans/grants etc)??

and do i put my car in capital allowances box?

and what does plant and machinery cover for me? (im a mobile nail technician)

i know there is a course and i have been on it but i am still confused!
i didnt make any profits ( i dont think) as all money got ploughed back into business) but i didnt make more than £15,000 (nowhere near!)

please help me
xxx

someonehadmyusername

ps, i have a business bank account with natwest which i assume will start charging me after dec 05, can i just open normal current account for business?
x

someonehadmyusername

ps, my car cost £1950.00 but i put £350 towards it from my own personal money


pps. is my car low co2 emmisions?
its a micra ally 1ltr

ctm_2

Your best bet is to go to your local tax office, take all documents with you and go into the enquiry centre where they will go through it all with you.

someonehadmyusername

would they help me to fill it in?
x

daffynspacegirl

Have you been to https://www.startups.co.uk ? A site dedicated to help the self employed, it's a free site with very useful info.

ctm_2

someonehadmyusername wrote:

would they help me to fill it in?
x

Yes, that's what they are there for, and they will hopefull be able to answer all of your questions as well.

Debt_Free_Chick

someonehadmyusername wrote:

i know there is a course and i have been on it but i am still confused!
i didnt make any profits ( i dont think) as all money got ploughed back into business) but i didnt make more than £15,000 (nowhere near!)

please help me
xxx

Just to pick up on this point ... it sounds like you DID make a profit, but then retained it in the business. In simple terms, your profit is all the money you generated from doing the job (nail stuff) less what it cost you to run the business e.g. cost of any premises, cost of buying stock etc.

You really need some help and I'm not sure we'll accomplish it here. Do you not keep a spreadsheet or some other record of what you buy for the business and what you get paid?

All in all, I agree with the suggestion that you visit your local tax office. And, as soon as possible, put in a system for tracking what your business costs are for this year, otherwise you'll have the same problem next year.

Good Luck

someonehadmyusername

yes i keep every thing in an account book and have a seperate folder with reciepts etc

i make money each week, but each week it goes on advertising, stock, insurance etc

so i dont draw a wage yet

im just unsure of where to put everything

ive found out that my loan/grants will have to go in box 3.19 (or 90?) which is start up grants etc

x