Self employment pages - low turnover

System
System Posts: 100,534 🤖 Admin 🤖
edited 12:08PM in AAT member discussion
hello

Where a sole trader has turnover of under £15k (but has still been self emp all year), do you think it's alright to detail out the costs of the business and enter them in boxes 3.29 - 3.65 on page 2 of the supplementary pages of the tax return, or would you always enter them in boxes 3.24 - 3.26 on page 1?

I can understand HMRC not wanting to input all that detail for very small traders, but if I'm submitting the form online they'd not have to.

I've got a few clients in this position where I'm sure that next year, when they're more established, they will be earning over £15k and it makes it easier to compare figures back to this year if the detail's there.

any comments?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employment pages - low turnover

    I wouldn't have thought it matters if you enter all the information. I think they just give that option to make things simpler. If your client is likely to have a higher turnover next year, I would enter the full information. Otherwise they may well send you one of those "terrible" short tax returns instead!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employment pages - low turnover

    You can do either - just gives you the option if you want :D

    Claudia

    PS - I always do the full set.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employment pages - low turnover

    I have to say i'm the opposite. If I am able to use the summary then I do. Saves the Revenue picking on something individual! :twisted:

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employment pages - low turnover

    thanks :D

    that had crossed my mind dean, i think that if anything's slightly 'odd' then i would opt for the summary, but i think my little worry is that clients might feel overcharged for you writing 3 numbers in boxes! at least by doing the full set it looks like you've worked for your dosh!
    and TC you've got a good point there - i don't want short returns went next year!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employment pages - low turnover

    I tend to agree with Dean (no relation!).

    Do you not provide them with a set of accounts anyway, if only to see the work you have done?

    I would be surprised if all but a few of my clients check to see whether the figures in the accounts have transferred into the SE pages of the Tax Return correctly or not.

    Some tend to notice the taxable profit figure doesn't match the net profit in the accounts, however, so perhaps I am underestimating them a little..
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employment pages - low turnover

    I agree with Dean & Dean.

    I always draw up a set of accounts that way I know what would have in boxes 3.29 - 3.65 and I have a comparison should the turnover go over the £15k the following year.

    Michelle

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