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?
- SSAS Pension scheme 116 2
- Quick Income tax calculation question! 494 18
- Physiotherapy 183 3
- Inflation and fees 1,133 20
- Capital allowances not claimed 102 3
- Changing shareholding ratio 236 8
- CGT help please 89 1
- How much would you charge for an interim audit? 317 7
- Cashflow forecasting software 84 2
- What happens when a customer with PPD pays late? 135 2
- Becoming a subcontractor to Accountancy Practices 276 1
- Community Interest Company 123 3
- Redundancy Pay 411 5
- Advice please! 323 1
- Unusual marketing ideas for accountants 721 6
- Do we have to honour her notice? 618 5
- Stand alone practice management software 1,284 21
- Sage Cheque Printing - Still in the dark ages! 112 1
- HMRC interview re client authorisation 356 2
- Cost of demolition of a shed - revenue or capital? 593 13