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?
- Suggested tips to become a better accountant? 370 10
- Lease 80 4
- Free invoicing software 476 4
- Community awards 2014 - first category 26 1
- CT600 205 5
- Digita Hosted Software 384 4
- signature required 842 31
- Do most of you still use MS Office? 1,255 21
- Payroll error by client on Moneysoft 138 5
- Thin Client recomendation 185 3
- Mileage allowance payment via payroll 174 5
- VAT Office Grimsby 116 2
- Stock Valuation when a partner dies 101 2
- format cell to exclude decimals 287 15
- Inheritance Tax and the 7 Year rule for property as a gift 115 2
- ethical- to continue to act or not? 1,276 15
- Homing sandwiches 835 19
- Flat rate VAT- other income calculation 241 2
- SUSPECTED OR INVALID BENEFIT FRAUD 228 2
- Client needs a UK tax residency certificate for Spanish tax authorities 102 2
- Auto enrolment excuses 1,295
- Feedback on accounts production software for IFRS 848
- Add T&Cs to Sales Order in Sage 537
- Credit where credit's due....... 332
- Buying goods in US and selling them to company in US 251
- TheTax Donut 217
- Double taxation relief - same income, different individual 179
- Semi retired FCA or equivalent 167
- Director's business mileage 142
- Sole trader CPD 138