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anmarj
13-04-2009, 08:37 PM
Hi

I am doing a tax return for the first time, and I have a couple of questions

1) got the hang of sales and purchases but I already have equipment where on the tax return do I put this

2) i have cards already made up where does this get recorded or is this part of above question?

Thank you

Kay:confused:

AnnieAnna
14-04-2009, 11:11 AM
Hi Kay,
here's my take on it in girly English:

1. There are two tax jargon words for equipment you need for your craft that doesn't get used up (or rather that doesn't end up in the finished article) (obviously it can break or get worn down) (think of it as a tool) and they are capital and assets. So look for that box on your tax return and the amount you spent on equipment goes in there.

2. Anything you've made and is sitting around doesn't count. You've accounted for the materials, heat and light etc that went into making them in the taxable expenses box. They are now forgotten by the tax man untill you sell them.
After you sell them the money you get for them will then go into the income section and in jargon words will be your turnover.

I know you can click on help buttons when you are filing a retun online but I find you sometimes get lost. Maybe I'm old fashioned but I find the paper copy more helpful because you can flick through and take time to ponder and it does actually tell you what's what in fairly plain English. You can down load it but it looks a lot prettier if you pick up a copy from your local tax office (they'll probably post it to you if you ask). It's called the Tax Return Guide, and tell them you are self employed. If you have a day job tell them that too, then you'll get the right bits.

AnnieAnna

anmarj
14-04-2009, 05:30 PM
Hi

thank you for that.

Got sent a tax return but was planning on doing on the papers before doing it online so that I can get used to it and know where I am putting figures :mummy: is the way I am feeling but sure once I do one, it will become easier.

Kay

AnnieAnna
14-04-2009, 07:08 PM
I thought I would be clever and keep a copy of my return so that the following year I could see which boxes to fill in - quickly - without having to read all the not relevent ones. Anyway -the folowing year they changed the form, and the questions! And the year after that! You can't win......:pc:

AnnieAnna