Capital section of Form11

Sarah1916

Is a self employed person required to complete the capital account and balance sheet section of the form11 - i.e. drawings, capital balance etc.

As this does not affect the tax amount being paid I would presume these are not required balances?

Is a detailed balance sheet a required account to be kept for a sole trader?

silent_spark

Yes, you have to complete all of it. If a section doesn't apply to you, enter nil. If you're intent on doing your own return, I'd recommend filling in the form online using ROS - it won't allow you to submit it if you've left something out. Ideally, you ought to find a qualified tax accountant to start you off, particularly if you have no experience at all - it could save you a lot of money and heartache in the long run.

exaisle

silent_spark wrote: »

Yes, you have to complete all of it. If a section doesn't apply to you, enter nil. If you're intent on doing your own return, I'd recommend filling in the form online using ROS - it won't allow you to submit it if you've left something out. Ideally, you ought to find a qualified tax accountant to start you off, particularly if you have no experience at all - it could save you a lot of money and heartache in the long run.

Actually, no, you don't. If you fill in the form 11 using the ROS offline program, you only fill the sections which apply to you, and in the accounts section, only the items marked with an asterisk are required. If there are sections of the form which you are required to complete, the program won't allow you to save it until that section is completed.

silent_spark

exaisle wrote: »

Actually, no, you don't. If you fill in the form 11 using the ROS offline program, you only fill the sections which apply to you, and in the accounts section, only the items marked with an asterisk are required. If there are sections of the form which you are required to complete, the program won't allow you to save it until that section is completed.

Yes - online. That's why I recommended using ROS instead of the paper submission.

Edit: Sorry, just read your post again, I've no idea what the ROS offline form is - I was referring to the old paper version.

CIARAN_BOYLE

silent_spark wrote: »

Yes - online. That's why I recommended using ROS instead of the paper submission.

Edit: Sorry, just read your post again, I've no idea what the ROS offline form is - I was referring to the old paper version.

Ros offline is a software that creates a file that you can upload to ROS

Lockedout2

You should know what your debtors are, what your bank balance is, what your creditors are at year end for your own sake if nothing else.

Drawings is the most important figure in the non profit section. Again you should know what your drawings are so that they make sense.