Belle De Jour
Well-Known Member
Hi
I hoping a kind geek or two can help!
i have done a search but brain now fit to explode :Scared:
I started trading on the 17th August, (again after a break with the kids) im trying to sort out profit and loss and a balancing sheet.
i have several questions which i cant find the awnser too and i dont seem to be able to understand HMRC or Business Link advice online.
1. I have products which i have been buying since jan 2012 in preparation to starting business (for which i have reciepts) am i allowed to claim these as expenses against any income ? (due to being brought before i started trading and also because they where effectivly brought in the last tax year)
2. could somebody let me know how would i decribe this on my balance sheet is it an asset? liability? capital investment or something else (sorry yes i am clueless!)
3. i have brought fixtures and fittings (table, storage unit, lighting ect) as well as a domain name and paid for a logo. i think im right in saying this is something that is of deprecative value (a capital asset?) these should be listed separate to the above right?
4. Training costs and legal fees where do they come into it?
ive not put any 'money' into the business other than in terms of the above items which i have paid for in advance, im just really stuck as to how i would show all of this to the tax man ect.
sorry!!! i have no idea and i cant afford an accountant,
i did have a word around freinds incase they could help but no one knows!
any advice greatfully received (to make matters worse i have no excel i do however have a simplex D accounting book but i couldnt understand that either!) i have recently downloaded sage app from hmrc and also invoice2go lite so that i can keep track of what customers are paying me and running incoming and outgoings now the business has started but it doesnt help with my presenting the above data. hope someone can help (if you can understand what im harping on about~! )
I hoping a kind geek or two can help!
i have done a search but brain now fit to explode :Scared:
I started trading on the 17th August, (again after a break with the kids) im trying to sort out profit and loss and a balancing sheet.
i have several questions which i cant find the awnser too and i dont seem to be able to understand HMRC or Business Link advice online.
1. I have products which i have been buying since jan 2012 in preparation to starting business (for which i have reciepts) am i allowed to claim these as expenses against any income ? (due to being brought before i started trading and also because they where effectivly brought in the last tax year)
2. could somebody let me know how would i decribe this on my balance sheet is it an asset? liability? capital investment or something else (sorry yes i am clueless!)
3. i have brought fixtures and fittings (table, storage unit, lighting ect) as well as a domain name and paid for a logo. i think im right in saying this is something that is of deprecative value (a capital asset?) these should be listed separate to the above right?
4. Training costs and legal fees where do they come into it?
ive not put any 'money' into the business other than in terms of the above items which i have paid for in advance, im just really stuck as to how i would show all of this to the tax man ect.
sorry!!! i have no idea and i cant afford an accountant,
i did have a word around freinds incase they could help but no one knows!
any advice greatfully received (to make matters worse i have no excel i do however have a simplex D accounting book but i couldnt understand that either!) i have recently downloaded sage app from hmrc and also invoice2go lite so that i can keep track of what customers are paying me and running incoming and outgoings now the business has started but it doesnt help with my presenting the above data. hope someone can help (if you can understand what im harping on about~! )