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?
- VAT Registration 181 11
- RTI error - two of the same employer - what to do 29 1
- Incorporation - any tax advantage? 450 12
- Auto enrolment 606 7
- farming-related R & D tax relief claims 228 1
- BTL property with a plot of land at the back 182 2
- Limited Company - Personal Bank Account 1,446 30
- Vat on second hand goods 76 1
- Joint rental income 202 2
- I'm not sure if this is the correct forum but here goes 413 5
- Mortgage Interest and rental income 140 3
- Using a Business broker to sell a clients Company.....??? 234 9
- Sale of business 416 1
- Stamp Duty on share for share exchange 435 1
- ideas for a bonus scheme for accountants 220 2
- Easy way to not pay tax 458 15
- Tax Credit Overpayment 133 6
- Who can wind up a Promissory Trust? 152 3
- VAT on Microsoft Office Accounting Professional 2009 233 4
- Builder using cash labour 233 2
- Skandia using wrong address 1,500
- Nil Rate Band Trust - index linked debt by way of charge over property 832
- International interest certificate 449
- NOVA 306
- Bonus Bonds 187
- Management expenses for investment company 180
- Can Limited Company Buy Share of Rental Property? 179
- Subby expenses subject to tax & NI? 175
- DOUBLE TAXATION RELIEF BETWEEN A PRIVATE LTD COMPANY AND GREECE (the private Ltd has no employees and its main activity is 164
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 155