FORM 11 2 QUESTIONS?

mikemcdeedy100

hi

i'm a sole trader

i have a few questions on the self-employed income section on form 11 which i've almost completed

i have input sales,purchases ,expenses and my net profit figure
and also an amount for 'wear and tear' in the capital allowances section


i'm not sure what to input for this??
"Drawings (Net of Tax and Pension contributions)"

also this section:
"Adjustments made to Profit/Loss per Accounts "
should i just enter figures off my income and expenditure statement for heat and light and motor expenses or can i ignore this section??


also i'm not sure what to input for 'adjusted profit' and 'assessible profit'


i have made no pension contributions and they're just basic sole-trader accounts

thanks

mark_m360

mikemcdeedy100 wrote: »

hi

i'm a sole trader

i have a few questions on the self-employed income section on form 11 which i've almost completed

i have input sales,purchases ,expenses and my net profit figure
and also an amount for 'wear and tear' in the capital allowances section


i'm not sure what to input for this??
"Drawings (Net of Tax and Pension contributions)"

also this section:
"Adjustments made to Profit/Loss per Accounts "
should i just enter figures off my income and expenditure statement for heat and light and motor expenses or can i ignore this section??


also i'm not sure what to input for 'adjusted profit' and 'assessible profit'


i have made no pension contributions and they're just basic sole-trader accounts

thanks

For Drawings, have you purchased anything through the business that was not business related and was in fact for yourself?

In Adjustments made to profit or loss, have you charged any light and heat or motor expenses to the business when they were related to your home? (Eg if you are working from home but all the bills go to the business, you will have to add back a proportion of home use)

mikemcdeedy100

thanks

ebbsy

Always better to get yourself a bit of professional advice in these matters, your assessable profit will be determined after you include your addbacks etc.