SA302

[Ross poldark]

Hi there all
I was wondering if it’s legit to add another £7000 profit outside of my business earning to my SA302 in order to show real amount of income ?
I have bought & sold couple of cars in my spare time with my cash so I’m just wondering if my accountant will be able to added to my SA302 for the proof of income ?

Regards

 

[Scalloway]

I have bought & sold couple of cars in my spare time with my cash so I’m just wondering if my accountant will be able to added to my SA302 for the proof of income ?

If you made a profit on these sales they should go on the SA302 as you are a sole trader.

 

[MyAccountantOnline]

Hi there all
I was wondering if it’s legit to add another £7000 profit outside of my business earning to my SA302 in order to show real amount of income ?
I have bought & sold couple of cars in my spare time with my cash so I’m just wondering if my accountant will be able to added to my SA302 for the proof of income ?

Regards

It would be legit to declare it on your tax return so that its on the SA302.

Did you tell your accountant about this income when he completed your tax return?

 

[Adam93]

Include the income in your tax return, pay income tax and NIC on it. To do anything else would be tax evasion (provided the badges of trade are met).

 

[Victoria_V]

Hey there!

Had a quick chat with our expert accountant and here’s what he had to say.


Profits made from all your businesses including any profits made from side businesses such as selling cars should be declared on your tax return.


Earnings under £1,000 from your side businesses will not need to be declared on your tax return as you will be covered by the trading allowance.


https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

 

[SteveHa]

Hey there!

Had a quick chat with our expert accountant and here’s what he had to say.


Profits made from all your businesses including any profits made from side businesses such as selling cars should be declared on your tax return.


Earnings under £1,000 from your side businesses will not need to be declared on your tax return as you will be covered by the trading allowance.


https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

And I disagree with your expert accountant. The income should be shown as normal and a claim for trading allowance included at box 10.1 of page SES1 on the SA103.

 

[Victoria_V]

And I disagree with your expert accountant. The income should be shown as normal and a claim for trading allowance included at box 10.1 of page SES1 on the SA103.

Thanks for the clarification!