do you think I should still go to an accountant

dprovan

Hi

this is my first self assessment return. I am anxious to get everything correct, I don't need the hassle or worry of making mistakes. My profits have been very low with my online sales and because of this I am planning to cease trading when I get rid of my remaining stock. In addition because my profits are so low I would obviously prefer to save accountant fees if not necessary. I would therefore appreciate the views of those far more experienced than me. I am assuming my books are fairly straight forward am I correct to assume I can mange this myself:

My sales for the tax year = £62246
Cost of purchased stock = £62028
My remaining stock still to sell = £9850

Fees ebay/paypal/postage = £6791

I plan to list the following as costs use of home as an office= £92 (£2 week)
Purchased a laptop for business so planned to claim half of price as expense £341
Purchased a printer same: £38

I do not plan to claim any other expenses ie interest on credit used to source stock or mileage, stationary as this hardly seems worth the extra effort.

I have monthly records of each purchase and sale, all purchases were via paypal so receipts there, all purchases have receipts also.

As I say I would be grateful for your views.
thanks

CIS

Providing all your expenses are fine then it should be easy enough to calculate your own profit

Sales less (opening stock + purchases - closing) = Gross Profit

Gross Profit - expenses = Net Profit

stratty

Rather worringly it appears that you should be VAT registered.

CIS

I thought the 07/8 threshold was around £64K for VAT ?

stratty

CIS wrote: »

I thought the 07/8 threshold was around £64K for VAT ?

yeah it is. for 06/07 it was £61k. My mistake.

talkinpeace

OP
it's a slight cheat from here
BUT
look up my ID on a well known auction site, and look at my me page
and check that you have got all your numbers in the right places

then you should be fine doing your own return....

dprovan

hi

thank you all for your replies

talkinpeace, I am not sure I understand what you are asking me to look at, can you elaborate to help me, if you prefer send me a message.

dprovan

talkin peace, I have found what you were explaining, very helpful, thank you very much

chappers

I would claim the total cost for the IT purchases also what you are claiming for using your home as an office seems rather low especially if you are running your business soley from home.