tax return templates ??

[Atari2600]

Hi all,

i am about to start my first year tax return and was hoping some kind soul on here would have a tax return template ?

this is all pretty new to me , and i only have 6 machines .

i am employed and work full time ( 40 hours ) with my main job , so i contacted HMRC and registered as self employed for this 2nd income .

i started on 5th november 2012 , and looks like im operating at a loss from 5th nov 2012 to 5th april 2013 when i take my start up cost into consideration

do i only pay tax on my profits ( after i have taken out expenses ? )


can i claim for my start up cost of £1500 ( machines / stock etc )
can i claim for use of my vehicle ? petrol etc
can i claim for storage / rent in a room of my house

what else can i claim for ?


sorry if these questions seem silly , but as i say this is all new to me . i did check the HMRC website and its all a bit confusing !

any help would be mucho appreciated

thanks

[Vend And Glow]

I am no expert but somebody here may be able to help.

When i started out i made a massive loss but i was also employed.

I was a lower rate tax payer (20%) in employment.

My accountant offset my losses against the tax i had paid in employment.

So for example i paid 8k in tax at 20% but i lost 20k in my business startup.

I was able to then claim back 20% of that 8k which was around 1600 quid.

I think that's how it worked but it may be worth speaking to an accountant to find out what you can claim for.

Accountants are worth their weight in gold in my opinion and although you will pay for them to do the accounts etc they will save you a lot of money too.

[Snackmore]

I agree, most accountants charge a set fee for small businesses with small turnover. My accountant guaranteed me that I would get back more than double his fees which I did and some.

Yes you claim for tax relief on loss
Yes you claim 45p a mile for fuel
You can claim for equipment, office costs, rental of part of your property, stock wastage, you name it!

I pay £300 a year plus VAT in fees and get my tax return done as well as yearly profit and loss accounts

[PGBrew]

The advice is as above, get an accountant! You will be allowed to claim all your start up costs against tax you have paid through PAYE for the last 3 years.

[Atari2600]

hi guys thanks for the advice ! .
but is it realistic to need an accountant for a small 2nd income from 5 or 6 machines ? , i was hoping i could get info on a basic guide .

[Snackmore]

[quote="most accountants charge a set fee for small businesses with small turnover. My accountant guaranteed me that I would get back more than double his fees which I did and some.

[/quote]

As above!