Can my books be rectified the following year?

Hi

Please don't kill me but I'm a struggling sole trader who has literally poured her savings into a company that is not making a profit. I'm changing direction on it and if that doesn't work I will be winding it down. The reason I say this is because I know I should have got an accountant but I literally can't afford it. I'm looking to get a PAYE job so will get an accountant once I secure employment.

I'm doing my first tax return for 2012 and I'm not claiming any of the allowances I know I'm entitled to. The reason is that I don't really know how to calculate, motor expenses, rent/heat, internet etc. As I made no profit I don't really need to put them in to decrease my tax debt. My question is this, if I get an accountant and get him to review what I declared can he make amendments to it and submit them. I'm up against it as I've to make a return by Wed and I'm so stressed about this. I'm up to date on my VAT returns.

TIA

When did your business start? If in 2012 then the return is not due until 31 oct 14.

Most business expenses should be allowed in full.

There are a number that have a personal element
Motor Expenses (estimate your personal mileage over annual mileage and disallow)
Telephone (disallow an estimate of the personal element)
Light & Heat (if using you home as a base)

Hope that helps a bit.

I registered the name at the beginning of 2012 and registered for vat in July 2012 and started trading in August 2012. Does this mean I've till Oct 2014 before I need to file a tax return? I will be dancing for joy if that's the case, I will be able to get an accountant in Jan hopefully.

Ya assuming you only registered in 2012 then you get an extra year to file your return.

I'm sorry to hear about your situation. The only saving grace on the tax front is that if you are trading as a sole trader (and not a company) in 2013 or 2014 you should be able to claim the loss on your sole trade against your salary provided you have both losses and salary in the same year. If you cease trading in 2014, for example, you might have a larger loss that year as you may be writing everything down to zero (if that is the case) and deducting all your expenditure. Additionally if you are married (or a civil partnership) and your spouse has any other income (including salary) then you should be able to claim the loss against their salary.

Best of luck in any event.