Self Assessment - tax deductables from previous years!

Karen Minx

Well-Known Member
Hi guys, quick question i hope someone can help me. My first tax year is due and im in the process of 'doing it online'.

I started learning nails in mid 2008 and i didn't start work/self employment until late 2009 so i now have my tax assessment due Jan 11. But i have a huge pile of reciepts i kept from when i was just 'leaning' and not 'earning'. A total of £3246 to be exact!! :eek: This includes an Essential Nail Acrylic Course, and a 5 Day CND L&P Foundation + Spa. Can i still claim for both even if they are learning the same system?

The rest is just what i have spent on nail goodies from personal money, hubbies money to be exact. Should i be claiming these expenses back too and how would you do it? Do i include it in my first tax year or do i have to claim it back using a different page?
 

champagne

Well-Known Member
I might be wrong but you can only enter reciepts from a certain amount of time ... check with the local tax office
 

Dont you have several years to claim tax deductions for startup costs?
 

angelina221

Master Lash Tech
It took me 6 months to do my salon up. Then by the time i sent all my receipts in, it was over a year and my accountant said that was fine. I even found receipts some months later and put those through too.
If you have any queries, just give the tax office a call. They are very helpful!
 

DEBI-DEE

Member
From what i can remember I put mines through together with my first years expenses. You definately should put them through as they are relevent costs for training which helped you start your business.
 

Karen Minx

Well-Known Member
Well i did my self assessment today and submitted. I didn't include any start up costs from previous years as i didn't know where to put it. Then after i submitted i realised that i only included outgoings from day i started work and taking money which was the end of sept 09, not including any purchases from the start of april 09! :irked: Suppose its too late now.

Suppose thats why an accountant comes in handy, but i couldn't afford one this year.

I didn't earn much in my first year (well 5 months) and spent far too much money before starting work. Too much that it almost seems embarrasing to claim back. :o Spending on more than 1 nail course and alot of 'wants' and not 'needs' then the cost of the home salon which i never got up and running has i went straight into salon work in sept 09.

Looking back at all the reciepts i am gutted i spent so much. Esp when i don't use alot of the stuff now. I should of gone straight to creative for my training and only bought the basics which i needed! I have learned a lesson there.

Thanks for the advise ladies xx
 

skymark

Lisamarie
Well i did my self assessment today and submitted. I didn't include any start up costs from previous years as i didn't know where to put it. Then after i submitted i realised that i only included outgoings from day i started work and taking money which was the end of sept 09, not including any purchases from the start of april 09! :irked: Suppose its too late now.

Suppose thats why an accountant comes in handy, but i couldn't afford one this year.

I didn't earn much in my first year (well 5 months) and spent far too much money before starting work. Too much that it almost seems embarrasing to claim back. :o Spending on more than 1 nail course and alot of 'wants' and not 'needs' then the cost of the home salon which i never got up and running has i went straight into salon work in sept 09.

Looking back at all the reciepts i am gutted i spent so much. Esp when i don't use alot of the stuff now. I should of gone straight to creative for my training and only bought the basics which i needed! I have learned a lesson there.

Thanks for the advise ladies xx
You can make ammendments to your return if you need to within one year. You can look online for info on how to do this.
 

jes

Member
Hiya, Yes you can claim these costs as "pre trading expenses", as long as they are within 7 years of the date you started trading.

hth
 

Karen Minx

Well-Known Member
Thanks jes and skymark. I will look into it xx
 

smooth

Well-Known Member
I would look into it through the tax office they are the best people to advise you. But if you were earning then even only covering your costs then you should have done a tax return for those previous years or you could be done for tax evasion.

You could have done one to show a loss and this loss is carried forward. The way they allow for equipment is now 100% of the costs if it is up to 50,000. They used to do a reducing rate but not any more.
 

Karen Minx

Well-Known Member
I would look into it through the tax office they are the best people to advise you. But if you were earning then even only covering your costs then you should have done a tax return for those previous years or you could be done for tax evasion.

You could have done one to show a loss and this loss is carried forward. The way they allow for equipment is now 100% of the costs if it is up to 50,000. They used to do a reducing rate but not any more.
No i didn't earn a penny for my unclaimed reciepts in previous years. I was working full time in a cleaning job so i only had time for learning and practicing on my course model and my sister. :)
 
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