BTC - Query over tax return...

Lynn Saunders

Does anyone know what exactly is meant to go into Box 15 of the Self Employment tax return (page SEF1).

One text book seems to show any income that isn't sales going in there (ie bank interest received, dividends received). Another text book seems to completely ignore this box!

Am studying by distance learning (first time I've not studied at a college) and I hate it! Have got different answers when I've tried querying this by e-mail, that has left me even more confused!

Anyone know for sure what's meant to go in here?

Would be very grateful, as panic is now setting in!

Thanks, Lynn

mini_schnauzer

Kaplan distant learning books have said to put Bank Interest Received in box 15.
But Kaplan books are full of errors also - mainly in the Mock exam papers at the back.

Phillippa

Hello Lynne,

I believe it is any other income that isn't included in box 14. So any interest or dividends that they receive will go in here. That's what the BPP book seems to explain it like.

I'm doing home learning for BTC too, but PTC at college! Had 2 revision sessions though, so hopefully it should go ok!!

Good luck!

Phillippa

Lynn Saunders

The Kaplan book is so full of errors its not funny!!! Glad I'm not the only one who thought so!

In the Osborne book it just completely ignore this box!

I really hope it doesn't come up in the exam tomorrow but as 2 books seems to say put any other income in there I'll probably do that.

When I e-mailed and asked one of the tutors this I was told "you shouldn't have to use this box" then when I pointed out what it said in the text book I got another reply that said "Oh yes, put income in there!" Doesn't inspire confidence really!!!

Thanks for the replies.

Now still tring to get my head around "goods taken for own use" do I use mark-up, margin, % of Gross Profit.... (Lynn screams and can't wait for this time tomorrow!!!)