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?
- Limited company buying a car 142 4
- Goodwill omitted from first years accounts 260 15
- Buying Microsoft's Surface Pro 3 458 10
- Straightforward email correspondence or PDF letter attached to blank email? 548 6
- Course costs for retraining as a barrister 171 7
- Travel and Subsistence expenses while abroad 286 4
- How to post Sales figures in Sage50 Accounts (we use separate Sales ledger) 107 2
- ACCA practice certificates 494 5
- Limited company buying director's car 286 10
- Question on HMRC past taxes (+penalties) on non-resident 76 1
- Is it possible to change a client's trading address for Vat purposes online 94 1
- WC's and capital allowances 172 3
- Entrepeneurs relief 305 13
- Dress code 1,546 36
- Which company is best for online new company formation? 479 13
- CTA and Tolley's tax handbooks 256 6
- HMRC Seminar on Penalties - Did you last the course? 378 4
- CIC Tax - what is trading? 472 23
- What is the status of "Whistleblowing" these days - do you get rewarded? 186 4
- Loan Repayment on Invoice 105 3
- CTA study material 769
- Anyone have clients that use Pay4Later to offer customers credit? 480
- Raiders of the Lost Tax File 396
- Employment related securities question 308
- AIM Stocks and IHT 280
- Tax Relief for overseas employees 257
- Expat pension contributions? 255
- Trust for Employee 237
- Service Charge Accountant Career Options 176
- IPP (International Pension Plan) income 147