Pre-Start Up - Self Assesment Self Employed. Accounts

Discussion in 'Accounts & Finance' started by Edd101, Mar 7, 2018.

  1. Edd101

    Edd101 UKBF Newcomer Free Member

    4 0
    Hi,

    Pre-start up business so please excuse the nature of the enquiry maybe sounding simple and clear. Simple question; on a small sole trader business when you submit the self assessment returns do you have to send off all receipts and proofs of expenses?

    My business plan could mean I have thousands of Invoices but for small amounts! It would be in-practical and not possible.

    I hope to think my logic is right, in that you would just send a few sample proofs of expenses if selected for further evidence of check ups so to speak?

    I am hoping it would just mean keeping all of the records of income and expenses in the event of having to send some off? Therefore, just a calculation sent over of the self employed accounts?

    NB: Would not have an accountant for the first year due to cost savings and just keep receipts and use a spreadsheet. But would get one (An Accountant) if it's going to be complicated and not straight forward.

    Thank you
     
    Posted: Mar 7, 2018 By: Edd101 Member since: Mar 7, 2018
    #1
  2. anonicee

    anonicee UKBF Newcomer Free Member

    6 1
    Have you read through the PDFs of previous years SA returns to see what you need to include?
     
    Posted: Mar 7, 2018 By: anonicee Member since: Mar 7, 2018
    #2
  3. Edd101

    Edd101 UKBF Newcomer Free Member

    4 0
    No not yet. Where are they please?
     
    Posted: Mar 7, 2018 By: Edd101 Member since: Mar 7, 2018
    #3
  4. anonicee

    anonicee UKBF Newcomer Free Member

    6 1
    Can't post links, gov uk website then add /government/publications/self-assessment-tax-return-sa100

    There are also detailed notes about each section available in seperate PDFs on the same page
     
    Posted: Mar 7, 2018 By: anonicee Member since: Mar 7, 2018
    #4
  5. Scalloway

    Scalloway UKBF Legend Free Member

    14,029 2,991
    No. On a small sole trader business you add up your sales and your expenses and enter the total for each on the self employment page of your tax return. If you are using tax return software it will calculate the profit or loss. That is all you need to do,

    HMRC would tell you what they want should they make further enquiry.

    The SA100 and help sheet are here.

    https://www.gov.uk/self-assessment-forms-and-helpsheets
     
    Posted: Mar 7, 2018 By: Scalloway Member since: Jun 6, 2010
    #5
  6. Daugela

    Daugela UKBF Contributor Full Member

    82 11
    Hi, you would need to check what expenses are allowed and which ones you would need to apportion between private and business use. I would recommend a consultation with an accountant or good bookkeeper or at least attending a HMRC webinar on business expenses for self employed.
     
    Posted: Mar 10, 2018 By: Daugela Member since: Jul 15, 2017
    #6