Hi all
I have a tax question please that Im hoping for an answer to.
I havent had the pleasure of filling out a self assessment tax form yet but I was under the impression that as I make teeny weeny sales the tax form would just require me to put total sales figures of basically whats come in (any sales ) and whats gone out (my expenditure for supplies etc) I know to keep receipts and a spreadsheet for sales and expenditures etc as evidence if required and I assummed it would be fairly simple but now Im not so sure as I keep reading about others saying about having to count their stock - Do I need to keep a tally on my stock for tax puposes? or is it only larger businesses that need to do this or will I have to state how much stock I have on the tax form too?
I just dont get why the tax man would be interested?
oh heck Im confused once more. It doesnt take a lot to get me confused!
thanks for any help!
I have a tax question please that Im hoping for an answer to.
I havent had the pleasure of filling out a self assessment tax form yet but I was under the impression that as I make teeny weeny sales the tax form would just require me to put total sales figures of basically whats come in (any sales ) and whats gone out (my expenditure for supplies etc) I know to keep receipts and a spreadsheet for sales and expenditures etc as evidence if required and I assummed it would be fairly simple but now Im not so sure as I keep reading about others saying about having to count their stock - Do I need to keep a tally on my stock for tax puposes? or is it only larger businesses that need to do this or will I have to state how much stock I have on the tax form too?
I just dont get why the tax man would be interested?
oh heck Im confused once more. It doesnt take a lot to get me confused!

thanks for any help!
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