A little help please!

[hoppy]

Hi got my first self assessment form through, my circumstances are a bit strange. I went self employed in march doing weekend and night work, but paye of a day cards in. So before the end of tax year my self employed earnings only equate to 2 weeks pay.
Anyway, just wanted to know how far back i can claim for stuff as i have been planning on going SE for a while so have been buying stuff, and just wondered what type of things i can claim.

Iwent full SE last week.
I should mention i am subbying, so CIS, tax taken out at 20% for me.

thanks

craig

 

[Des 56]

My thinking is a tax year is a tax year
When you come to declare your accounts for the 2011-2012 by the last date, 31st Jan 2013. You will have earned 2 weeks and spent whatever in that period on equipment
You will have made a loss but wont have tax paid to get any rebate,but will take the losses over to the next years accounting. period which will be the current one
So in effect you are backdating the entire year,but the whole year is the tax period anyway

I am possibly talking a load of rubbish.so lets see when someone better informed answers you

 

[Richard Burns]

I think Des has it about right, the items you have bought for the business before becoming self employed are counted as being purchased at the current market value on the day you started the business.
Make sure you have the invoices to demonstrate the value.

This LINK states the HMRC view.

 

[Guitarist]

If you bought stuff ready to start a business, even in a different tax year, you are able to put them through as "pre-trading expenses".

My advice is talk to an accountant, even if it's just for advice.

 

[imago]

My advice is talk to an accountant, even if it's just for advice.

Spot on.

You need to talk to an accountant, give him or her all the information you have, then follow their advice.

The irony of some comments on this forum really make me smile. Only electricians should work on electrics as only a fully qualified and experienced elctrician (apprenticed of course) can fully understand, work on, diagnose, test and follow the regs. Yet apparently you don't need to have any qualifications, training, or experience to offer legal or financial advice!

Each to their own, if you need financial advice ask an accountant.

 

[Guitarist]

Spot on.

You need to talk to an accountant, give him or her all the information you have, then follow their advice.

The irony of some comments on this forum really make me smile. Only electricians should work on electrics as only a fully qualified and experienced elctrician (apprenticed of course) can fully understand, work on, diagnose, test and follow the regs. Yet apparently you don't need to have any qualifications, training, or experience to offer legal or financial advice!

Each to their own, if you need financial advice ask an accountant.

I actually ditched my last accountant as he was incompetent and expensive. Turned out a few months later that he was in prison for stealing money from a church and council account to fund his gambling....

 

[Des 56]

Spot on.

You need to talk to an accountant, give him or her all the information you have, then follow their advice.

The irony of some comments on this forum really make me smile. Only electricians should work on electrics as only a fully qualified and experienced elctrician (apprenticed of course) can fully understand, work on, diagnose, test and follow the regs. Yet apparently you don't need to have any qualifications, training, or experience to offer legal or financial advice!

Each to their own, if you need financial advice ask an accountant.

Pleased to be of service imago

In my "defence", relating my own experience in this subject, its not acting as I if were as informed as Merfyn King, or should we not mention defence lest it be seen as lawyers territory :crazy:



This being an electrical forum, if I wanted or thought I could give advise on financial matters,it would not be on a forum for sparks

I would also expect hoppy who posted the question,that he also had the intellect to fathom out that expert advise should be sought elsewhere, and its unlikely he was looking for such detailed critically absolute information,he was looking for opinions not expert consultation

Its like an electrical question popping up on the accountants forum.its not the best place to get electrical advise.but no doubt if someone wanted opinion on which light fitting was suitable for their bathroom.others on there would no doubt voice an opinion

I doubt "get an electricians" advise would be the answer they were seeking

 

[Tina at Freedom]

Friendly Accountant just saying hello!
:waving:
You will need to register that you went self employed within the first 3 months of trading, otherwise you could face a £100 fine. This can be done by registering online with HMRC or by completing form SA1. The Revenue will then allocate you with a UTR number (unique tax reference). All that's needed then is to file your Self Assessment Tax Returns each year and have accounts prepared. You can claim genuine set up costs going back 6 years, keeping the invoices as proof. The amounts to be claimed will be at the date of purchase, as rightly said above. The earnings will need to go into your 2012 Self Assessment Return, together with any details of other employment (I note you went self employed in March), income etc. Any losses can be carried forward into the next tax year (2012-13) which would be beneficial in your case as you would have nearly a full year's trading, to offset the tax. Your 2012 Self Assessment Return will need to be filed with HMRC either in paper format by 31 October or by 31 January 2013 if online. Any tax due to the Revenue would also need to be paid by 31 January 2013. I hope this helps!

 

[sedgy34]

Friendly Accountant just saying hello!
:waving:
You will need to register that you went self employed within the first 3 months of trading, otherwise you could face a £100 fine. This can be done by registering online with HMRC or by completing form SA1. The Revenue will then allocate you with a UTR number (unique tax reference). All that's needed then is to file your Self Assessment Tax Returns each year and have accounts prepared. You can claim genuine set up costs going back 6 years, keeping the invoices as proof. The amounts to be claimed will be at the date of purchase, as rightly said above. The earnings will need to go into your 2012 Self Assessment Return, together with any details of other employment (I note you went self employed in March), income etc. Any losses can be carried forward into the next tax year (2012-13) which would be beneficial in your case as you would have nearly a full year's trading, to offset the tax. Your 2012 Self Assessment Return will need to be filed with HMRC either in paper format by 31 October or by 31 January 2013 if online. Any tax due to the Revenue would also need to be paid by 31 January 2013. I hope this helps!

good thinking you!! maybe you will get some custom from here

 

[Tina at Freedom]

Thank you! Just thought I'd help out, better to have someone advising who knows about these things. Saves second-guessing and ending up with potential problems!