Help with my self assessment form

[Fozzmeister01]

Hi everyone,

I hope someone can help/ This is the situation.

I am currently employed by a company and earn 25k. I have a small Ebay business on the side which i started up in Oct 2013 so my tax return is due for the dates Oct '13 to April '14.

I have added all my earnings into the self assessment including my PAYE and the small amount the Ebay store made. (Sales of £3600).

Now this is where I am getting confused. I filled out the form using the basic figure form. However do i include a purchase of stock i made for £1800 as an expense? Even though these haven't sold yet.
.
If I don't include it where does it go? as the form only says sales/expenses. When i filled out the return it says i am owed £283. Surely this can't be right? Any one have any idea why it says i am owed this.

Edit. I just thought, as I am only filling in the details from Oct 13 to April 14 do i do the same for my PAYE? Instead of just copying the figure on my P60 which is for the WHOLE year.

To sum up.

PAYE £25 k
Tax code 1000L
Ebay sales £3624
Expenses £5340 (If i dont include purchases to resell then this is £3500)

Thanks

 

[StevensOnln1]

Your stock should be included in the figure for expenses on the short version of the self employment pages. You must state your PAYE figures from your P60 on a set of employment pages as the return covers the whole tax year.

 

[David Griffiths]

Stock purchased is shown as an expense, but you must deduct the value of stock that's not been sold. In this case, that would be the same as the purchase cost, so effectively cancelling each other out

 

[e-vulture]

I think he offset the whole cost if he's using the cash basis ?

 

[Swisaw]

Nevermind if you still have the stock. Stock cost is a cost already spent. So it may be in your tax advantage to add it to your total cost for this year.

 

[Scalloway]

You can claim for the cost of unsold stock if you use the cash basis.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323586/hs222.pdf

Remember to put an X in box 8 of the self employment pages.