CA for first year of trading, losses and carryback/fwd
As a Sole trader (who is also employed under PAYE and in need of an accountant!), built up contacts, bought equipment and set up websites before trading in 2011/2012.
SE Business is a mixture of consultancy, training and multi-media work including photography, video, designing websites and publishing in technical and national journals.
Under self employment clients paid £1500 in 2011/2012.
Expenses such as utilities, mileage allowance only for business miles (not commuting to employee workplace) understood.
Given the large investment made in audio/photographic equipment, software, and relatively small income return, what can be taken as AIA/FYA - a significant amount of equipment was bought before April 2011 and some in that tax year. The latter amounted to approximately £3000 whilst the former (including office furniture) is around £12500.
Can any other start up costs like website hosting fees, advertising costs from previous years be included?
Once the loss is calculated what is better -
1. claim £1500 for 2011/2012 and carry fwd the remainder at WDA 18%
2.claim all losses for that TY - doesn't this affect PA?
3. claim £1500 for TY and remainder offset against PAYE income of previous year?
- GP - Do I have to provide tax advice 69 2
- Group Audits 103 1
- VAT Invoice 274 7
- VAT on sale of an Asset 134 1
- Cash in Hand 232 3
- Buy to let and capitak gain 222 5
- are receipts needed? 651 17
- SA302's anyone?? 640 18
- Charge for use of credit card - permitted 349 8
- High value residential property - SDLT 15% 180 1
- 2013/14 failure to submit end of year submission 368 12
- Busines software 218 5
- Goods Purchased for Rental 228 6
- Converting a barn for business use 196 2
- Sale of house with planning permission - tax free? 329 4
- Flat rate Vat Scheme & Vat on wholesale production of Cakes and other deserts 339 12
- HMRC overreaching its powers -again against a small surveying firm? 507 10
- Going to need a tax, insolvency and legal specialist I think 364 3
- Bookkeping software 749 7
- Clogged Losses 296 5
- Nil Rate Band Trust - index linked debt by way of charge over property 913
- International interest certificate 527
- NOVA 376
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 341
- Management expenses for investment company 280
- Bonus Bonds 279
- Entertainer withholding tax in Australia 189
- Insolvency and whistle blowing 177
- EXACT ONLINE 174
- P11D benefit received by widow 171