tax return!!

[emily22]

Hi,

I have just got my first tax return through the post for me to complete!
TBH i havent got much of a clue! Ive been keep records as best i can of incomings / outgoings etc.
But i dont know what i can / cant include in tax return..
For example; i had a loan from the princes trust - now with that my books are 'even' - if i dont include it then my accounts show that ive made a loss. so id have to fill it in as 'minus xxx'
I have been told though that you cannot include loans or repayments.
Also, what do i do about capital expenses? Because you cant claim the whole amount can you? How do you work out the percentage of what to claim?!

I cant afford to get an accountant and know ive plenty of time to do the tax return but im due to have a baby in july so would rather get this out of the way now!

 

[Eyemunique]

Just a suggestion, but why not use an accountant for your first time (I use a big company and pay £180.)

Then, take a book keeping course with someone like ICS or the OU, then you can save money in the long run.

I've always been self employed, my husband also has and his parents own a large business. None of us fill in our own tax returns. I always leave it to the professionals, kind of like what we expect our clients to do.

x

 

[sharon h]

hi this is going to be my first year in business, so I have decided to let the accountant do the work for me as they know what to include etc. I would rather pay £xxx amount and have the job done by an expert.

 

[Zingara]

Or contact your local Business link and see if they can provide you with a Business Advisor or mentor. Here in Wales (its Business Eye here, a sub division of Business Link, run by the Welsh Assembly) they are great and and provide me with an experinced business mentor to guide me through any area's I am unsure about.