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  • FIRST POST
    • JustLetMeSleep
    • By JustLetMeSleep 13th Jan 18, 4:37 PM
    • 4Posts
    • 2Thanks
    JustLetMeSleep
    Self Employed & Tax Credits
    • #1
    • 13th Jan 18, 4:37 PM
    Self Employed & Tax Credits 13th Jan 18 at 4:37 PM
    Hello
    Can anyone help please?
    Im self employed. When i tell the tax credits people how much my years earning are, do i include any proffit i have used to buy more stock with, or do i subtract that first?
    Thank you as im confused!
    Hugs to all xxx
Page 1
    • marliepanda
    • By marliepanda 13th Jan 18, 4:50 PM
    • 5,918 Posts
    • 12,558 Thanks
    marliepanda
    • #2
    • 13th Jan 18, 4:50 PM
    • #2
    • 13th Jan 18, 4:50 PM
    Hello
    Can anyone help please?
    Im self employed. When i tell the tax credits people how much my years earning are, do i include any proffit i have used to buy more stock with, or do i subtract that first?
    Thank you as im confused!
    Hugs to all xxx
    Originally posted by JustLetMeSleep
    I think you need to engage someone to help you with your books first as to what you can and canít write off for tax purposes
    • jools1985
    • By jools1985 13th Jan 18, 5:57 PM
    • 70 Posts
    • 118 Thanks
    jools1985
    • #3
    • 13th Jan 18, 5:57 PM
    • #3
    • 13th Jan 18, 5:57 PM
    Hi,

    Sorry I'm a little confused by your question, but basically, you just have to tell them what your income is after you have taken off your business expenses. It will be the profit shown on your Self Assessment Tax Return.

    A simple 3 line profit and loss account would show

    Income - money the business has received

    Expenditure - business expneses

    Net profit - subtract expenses from income to get this figure.
    • JustLetMeSleep
    • By JustLetMeSleep 13th Jan 18, 10:07 PM
    • 4 Posts
    • 2 Thanks
    JustLetMeSleep
    • #4
    • 13th Jan 18, 10:07 PM
    • #4
    • 13th Jan 18, 10:07 PM
    Cant afford that im afraid. Im a tiny set up self ran.
    My books are up to date, ive just been told conflicting info on whether my years total should ot should not include any proffit thats been used to buy more stock for the business.
    • JustLetMeSleep
    • By JustLetMeSleep 13th Jan 18, 10:10 PM
    • 4 Posts
    • 2 Thanks
    JustLetMeSleep
    • #5
    • 13th Jan 18, 10:10 PM
    • #5
    • 13th Jan 18, 10:10 PM
    Thanks.
    My tax return is not due until Jan 2019.
    My books show all the incomings & outgoings financially, its just ive been told conflicting info on whether the figure should or should not include proffit spent on new stock.
    Thanks
    • JustLetMeSleep
    • By JustLetMeSleep 14th Jan 18, 10:19 AM
    • 4 Posts
    • 2 Thanks
    JustLetMeSleep
    • #6
    • 14th Jan 18, 10:19 AM
    • #6
    • 14th Jan 18, 10:19 AM
    I have the answer now...i can deduct stock costs. Thanks
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