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sarah32
31-05-2008, 05:38 PM
I thought Id brave it and fill in my tax form online. This is the first year for me so taking my time but got stuck straight away.

It says Turnover which I put in amount earnt for year

Total allowable expenses, this is where ive got stuck, do I work out my 10% wear and tear and add this to outgoing and put total.

Or should I off taken off my 10% off income and put that amount in turnover.

Please help someone, Im stuck and would really like to get this done today.:(

brillminder
31-05-2008, 05:49 PM
hi u deducted 10% and all your expenses as you should have these all recorded else where , usual gross/ deductions/ net just 3 figures for under 15k good luck

sarah32
31-05-2008, 05:54 PM
I ve got 3 figures but its only asking for total business income, allowable expenses and adjustments.

It then works out your net/profit loss for you.

Im really worried Ive filled this in wrong now.

mrsb
31-05-2008, 06:50 PM
If I remember rightly you put the total earnings before any wear and tear or expenses are taken off for the Turnover

then for the total allowable expenses it is the total amount for your 10% wear and tear + all your expenses

for example you earn 10,000

10% of that is 1,000

expenses are 8,000

so the total allowable expenses = 9,000

obviously that is a made up amount lol ;)

Hope that helps :)

sarah32
31-05-2008, 06:56 PM
Thats great, thanks for your help

miffy
31-05-2008, 06:57 PM
I haven't done my tax return on-line (or even on paper yet :blush: ) but I agree with mrsb - that's the way I would do it

Good luck

miffy xx

bubbly
31-05-2008, 07:37 PM
If I remember rightly you put the total earnings before any wear and tear or expenses are taken off for the Turnover

then for the total allowable expenses it is the total amount for your 10% wear and tear + all your expenses

for example you earn 10,000

10% of that is 1,000

expenses are 8,000

so the total allowable expenses = 9,000

obviously that is a made up amount lol ;)

Hope that helps :)

This is how I worked mine out. It's my first time too.