HELP! First self-assessed return and Im a bit lost

littlemissfixit

Hi!

Is there anyone out there who is well accustomed to the self-assessment tax return and that wouldn't mind shedding some light for me? I have sent an inquiry through ROS but god knows how long it will take to get an answer.

So I am working part-time (PAYE) and have also just registered self employed last year (2016), my husband is also working full-time (PAYE).

My self employment is a small income for which I have collected detailed datas of income and detailed of expenses. So I have no trouble with the first part of my return which requires the assessable profit. It's when I continue to extract from accounts that I am not sure of anything (and I do not find the online help all that helpful). If you can be of any help with the following (and bear with me as I will probably be back for more questions!!) I would be so grateful!! Apologies in advance for the lenght, I hope at least it will make a bit of sense to some of you!!

Extract from accounts:
Sales/receipt/revenue = I take it that is the total revenue?
Trading account items:
Purchases = Does this include materials but exclude other expenses like motor, phone, etc?
Gross trading profit = Is it revenue - all expenses, or revenue - purchases and excluding some items?

Expenses and deductions:
In this section I have motor expenses, does "other expenses" include all other expenses, does it exclude purchase expenses already put in the previous section?...

Capital account and balance:
I did not have a capital account, didnt introduce capital, and didn't have a seperate bank account for my PAYE and self-employed revenues, so under the heading cash/bank, what do I put??

Net profit per accounts = same amount of the first section "profit assessable for 2016"??

Any recommendation for the future to help me compile things better and be more ready for this (ie templates, software, etc.) are welcome!!

Thank you!!

Squatter

littlemissfixit wrote: »

Hi!

My self employment is a small income for which I have collected detailed datas of income and detailed of expenses. So I have no trouble with the first part of my return which requires the assessable profit.

It's when I continue to extract from accounts that I am not sure of anything (and I do not find the online help all that helpful). If you can be of any help with the following (and bear with me as I will probably be back for more questions!!) I would be so grateful!! Apologies in advance for the lenght, I hope at least it will make a bit of sense to some of you!!


Extract from accounts:
Sales/receipt/revenue = I take it that is the total revenue?
Trading account items:
Purchases = Does this include materials but exclude other expenses like motor, phone, etc?
Gross trading profit = Is it revenue - all expenses, or revenue - purchases and excluding some items?

Expenses and deductions:
In this section I have motor expenses, does "other expenses" include all other expenses, does it exclude purchase expenses already put in the previous section?...

Capital account and balance:
I did not have a capital account, didnt introduce capital, and didn't have a seperate bank account for my PAYE and self-employed revenues, so under the heading cash/bank, what do I put??

Net profit per accounts = same amount of the first section "profit assessable for 2016"??

Any recommendation for the future to help me compile things better and be more ready for this (ie templates, software, etc.) are welcome!!

Thank you!!

Serious suggestion: Find someone who studied Business Studies to to Junior Cert and ask them for a hand! You need to know what a Trading Account for starters!

And be careful with motor expenses!