Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Filling in form 11 as a sole trader

  • 12-08-2010 1:45pm
    #1
    alb
    Registered Users, Registered Users 2 Posts: 1,259 ✭✭✭


    Hi,

    I did some contracting last year as a sole trader and I need to do my return via Form 11 now. My accounts should be very basic. I've income I received as payment for contracting and a couple of minor expenses, no capital purchases so I guess my Net profit is just my income - expenses.

    What kind of balance sheet would I have from this? If all the profit is extracted by me as my wages, what do I need to fill in on page 7 other than net profit?


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    "drawings" and "bank" perhaps


  • #3
    alb
    Registered Users, Registered Users 2 Posts: 1,259 ✭✭✭alb


    I guess what I'm asking is can I put in the entire amount of profit as drawings leaving me with zero net assets for the year. What do I do about the tax creditors field? is this related to previous years, if not how can I know my tax liability before I complete the return?


  • #4
    alb
    Registered Users, Registered Users 2 Posts: 1,259 ✭✭✭alb


    OK after finding more information I think it goes like this:
    If I made 10000 profit for example I put this in line 104 (a) and line 146. I can also put this as drawings at line 135 as 10000, leaving net cash/bank zero (line 139) and Net assets of zero (line 145). The drawings don't affect the P&L balance.


Advertisement