Join our Premium Membership now and save with Xpres, Listawood, Ink Experts, Ink Express and more! Just £10 per year.....Click the Membership link above.....

User Tag List

Similar Threads

  1. Hi! (with a question)
    By sas98kgj in forum New Member Introductions
    Replies: 0
    Last Post: 05-10-2015, 09:07 AM
  2. Jet Pro Question
    By pieces in forum Transfers & Transfer Papers
    Replies: 4
    Last Post: 05-02-2015, 04:14 PM
  3. What causes this, and another question....HELP!
    By socialgiraffe in forum 3D Sublimation
    Replies: 14
    Last Post: 23-05-2014, 05:16 PM
  4. Can I ask this question?
    By danlad in forum General Dye-Sub Chit Chat
    Replies: 37
    Last Post: 21-02-2011, 01:23 PM
Page 1 of 2 12 LastLast
Results 1 to 10 of 14

Thread: Tax question.

  1. #1
    Member
    Join Date
    Oct 2015
    Location
    Shropshire
    Posts
    548
    Downloads
    1
    Uploads
    0
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Tax question.

    From the off I have always wanted to keep the business above board. Me being me I have totally forgot about my tax return. Luckily I have until Jan 2017.

    My question is this. I have no where near earned enough to be in profit after paying for extension to be built to house business, paying for pc, printers, press's, some stock, work tops, cupboards etc etc but most of the stuff has no "actual receipt" as either bought through ebay, second hand or like the building work, done by a friend in the trade. I have receipts for most stock but it wasnt all bought at the same time.

    What do I do now?

  2. #2
    Member
    Join Date
    Jun 2013
    Location
    South Warwickshire
    Posts
    134
    Downloads
    1
    Uploads
    0
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Best advice is find a decent accountant to do the tax return. If you have other income not related to your self employment, you may be able to offset your losses against tax paid on the other income. The expense of an accountant can be more than covered in tax refunds and I believe in certain circumstances you can carry over losses to a subsequent profit year. Keep good records and copies of any proof of a purchase eg. ebay generated invoices, handwritten cash receipts from second hand purchases, etc so you can demonstrate a legitimate spend. I am sure there are many qualified on here to advise ( I am NOT a tax advisor) but one thing for sure is don't ignore the deadline!

  3. #3
    Senior Member webtrekker's Avatar
    Join Date
    Sep 2016
    Location
    Northumberland
    Posts
    2,413
    Downloads
    0
    Uploads
    0
    Mentioned
    14 Post(s)
    Tagged
    3 Thread(s)
    I've always done my own tax returns (for the last 16 years), but my affairs are very simple. If I was in your position I would, as Ali P suggests, take on the services of a decent accountant.

  4. #4
    Senior Member
    Join Date
    Nov 2015
    Location
    dorchester
    Posts
    1,193
    Downloads
    0
    Uploads
    0
    Mentioned
    3 Post(s)
    Tagged
    0 Thread(s)
    Talk to an accountant. You haven't given yourself, or him, much time to play with. Usually with the tax man, filling the paperwork on time is of as much or more importance than sending the money.
    He may recommend that you enter anything that you have bought without a receipt as 'owners capital', to keep things simple.

    Any building work done without invoices or receipts could be a problem, so he might tell you to be content with the increase of the property value, rather than to offset against the business. On the bright side, you will probably be able to charge yourself rent for the part of the property you trade from, which will reduce your tax liability.

    You really need to speak to an Accountant. This is not the forum from which to get reliable advice on tax. I get the impression that a lot of members work off the dinning room table, on a 'cash in the claw' basis.

  5. #5
    Member calvinabc's Avatar
    Join Date
    Apr 2015
    Location
    pulborough
    Posts
    278
    Downloads
    1
    Uploads
    0
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    you should be able to at least prove from a bank statement.

    To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

  6. #6
    Senior Member logobear's Avatar
    Join Date
    Feb 2010
    Location
    Newcastle upon tyne. UK
    Posts
    1,669
    Downloads
    0
    Uploads
    0
    Mentioned
    4 Post(s)
    Tagged
    1 Thread(s)
    you cannot offset all the cost of the extension in this tax year.
    It will be a capital asset, so you might only be able to write of maybe 10% per year for 10 years. Depreciateion and capital allowances - 1st is for PnL and the second is for tax.
    If you cannot back it up with reciepts, - which you must keep for 6 years, then if you are ever investigated, you will be liable for it,.
    lesson here....
    1 Hour T-shirt printing shop in Newcastle upon Tyne.

    To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

    Logobear t-shirt print and embroidery. 74 Clayton Street. Newcastle. NE1 5PG. UK

  7. #7
    Member
    Join Date
    Oct 2015
    Location
    Shropshire
    Posts
    548
    Downloads
    1
    Uploads
    0
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Could I contact the sellers on ebay for receipts

  8. #8
    Premium Member
    Join Date
    Jun 2014
    Location
    Bridgnorth
    Posts
    314
    Downloads
    0
    Uploads
    0
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Assuming you used PayPal on eBay then you will have received a receipt for your payment. This includes a transaction number/invoice number etc. I just quote these details on a spreadsheet and send to my accountant. In addition I make a hard copy which gets filed away.

  9. #9
    Member
    Join Date
    Oct 2015
    Location
    Shropshire
    Posts
    548
    Downloads
    1
    Uploads
    0
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Ive only actually registered for "self employment" about 4 weeks ago. Will that change things?

    As you can tell Ive no experience

  10. #10
    Premium Member
    Join Date
    Jun 2014
    Location
    Bridgnorth
    Posts
    314
    Downloads
    0
    Uploads
    0
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    I think an accountant is invaluable, especially at startup. They should not be expensive (I average £300/year) and the fee is tax deductible so win/win. It helps if you produce your own spreadsheet detailing in & out and have receipts to hand if required. You will pay considerably more if you turn up with a bucket full of receipts & invoices. On that subject receipts are the key so keep them safe.

    Your accountant will also advise any claims you can make regarding vehicles, fuel (log your mileage), using a dedicated part of your home, capital equipment etc. You may be surprised.....

    ps Remember you will be liable for NI contributions as well.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •