This year I am in a loss situation - like many others I guess, this past finacial year was my first at a new venture so not unexpected. Previously was also self employed, this new venture carries on from this but totally different.
I file online with HMRC and cant get my head around what to fill in on the online SA form, The details of the new venture are all ok, and when started (05/04/2010) so am trying to fill in the finacial bits for the past year.
Of course hoping to claim back something !
I have broken down my figures (on paper not online yet) into the following - no software - pen and paper records.
Sales income (all money recieved from sales) 3739.15
Capital Expenses/Allowance (equipment and suchlike) 9204.86
General Expenses - sundries - motoring - fuel etc (not Capital expenses) 6442.41
Capital Introduced (by me personally when setting up - not included in sales income) 3607.31
Total Expenses (Capital and General combined) 15647.27
Sales - fine only one place to put this.
Expenses - how / where should I input these 2 figures so as to hopefully get a rebate ?
I have no idea where to include the capital I introduced or what to put it down as.
Previous years have all been 12k + profit figures so have tax paid on them.
I have already done the HMRC help forms to death !
The General Expenses go in to the Allowable Expenses section . You can either enter the total if the expenses are minimal (off the top of my head can't remember the amount but it tells you on the page), or as a break down of expenses by clicking a link
The Capital Expenses should be entered in to the Tax Allowances section in the Annual Investment Allowance box. You may need to look at the relevent help sheet for more details, as there are different rules for different items, and limits to what you can claim in one go (although, you will probably be below the threshold)
Capital Introduced is not required for the return, as it has no bearing on the actual profit, it is a balance sheet item (a debt owed to you by the business).
This is only general guidance. You will need to confirm what should be entered, and refere to the help sheets
