Could I get some tips on Self Assessment recipes

[peps1]

Hello, wondering if someone can help, I have recently set up a Shopify store and I get paid via 2 methods PayPal and Shopify's own payment system.

With PayPal I can just print out the transaction and it shows me both my income and my fee, so is simple for my Tax return paper records.

But Shopify's payout system only let me export a CSV with the income and fee, is it OK to just print that sheet out for my Self Assessment return and add one copy to my expenditure and one to my income folders?

 

[Scalloway]

Yes if the printout shows all your income and expenditure that is ok.

 

[Mr D]

Flour, eggs, water... Mix together to make a dough.

How many recipes are you after? There are a few books you can buy.

As regards records. Some print off the monthly total for PayPal, shows total received and fees.

 

[peps1]

So you don't need to keep a paper copy detailing what product/service you actually spent or received money on and for, just a record of the amounts?

 

[Scalloway]

You need to keep records that show how the figures in your self assessment are arrived at. If you get paper or electronic invoices from a supplier you must keep them.

HMRC's default position is that you have to prove that money spent is for business purposes and they assume all money taken in is taxable income.

 

[Mr D]

So you don't need to keep a paper copy detailing what product/service you actually spent or received money on and for, just a record of the amounts?

Whether paper or electronic it's worth keeping multiple copies. Paper takes up a lot of room and is expensive in materials and time to print.

 

[MyAccountantOnline]

Hello, wondering if someone can help, I have recently set up a Shopify store and I get paid via 2 methods PayPal and Shopify's own payment system.

With PayPal I can just print out the transaction and it shows me both my income and my fee, so is simple for my Tax return paper records.

But Shopify's payout system only let me export a CSV with the income and fee, is it OK to just print that sheet out for my Self Assessment return and add one copy to my expenditure and one to my income folders?

I'd simply save one copy of the Shopify reports, think of it as a bank statement.

I wouldn't print the PayPal or Shopify reports either their is no need to keep paper records.

If you want a bit of reading on record keeping this may help - https://www.gov.uk/self-employed-records

Do you import the CSV files or use an automatic upload to your accounts software to record the income and expenses?