Tantastic86
Well-Known Member
Hey everyone can someone clarify something for me as I am a sole trader and doing my own accounts.
One thing I'm struggling to get my head around is this-
Say I make £5000, but my total expenditure(training & products) came to £10,000 = a technical £5000 loss
Would I then be submitting that I had LOST 5000 on the tax return and to tax credits. Or do you say made 5000 and spent 10000, and they get back to you?
This isn't applicable to me till next year, but I've been wondering this as I don't expect to be I profit in my first year
One thing I'm struggling to get my head around is this-
Say I make £5000, but my total expenditure(training & products) came to £10,000 = a technical £5000 loss
Would I then be submitting that I had LOST 5000 on the tax return and to tax credits. Or do you say made 5000 and spent 10000, and they get back to you?
This isn't applicable to me till next year, but I've been wondering this as I don't expect to be I profit in my first year