Filling out Form 11

DIY-er

Registered User
Messages
1
I am filing my self assessed income tax. I have very basic income and expenses so I will get advice from an accountant but I would also like to understand the form myself. That would allow me to prepare most of the paperwork myself before consulting an expert. I'd like to check if my understanding of what to enter is correct so I'm outlining below what I think goes into the relevant boxes.

I'd be so grateful if anyone can offer some insights.

To illustrate my questions more clearly here's a sample Gross Income and set of expenses:


Gross Income: €28,000


Expenses:


Travel + Subsistence:
600

Motor - Fuel, parking and toll gates 1200 (400 personal + 800 for work)

Motor - Maintenance + repairs 2100 (700 personal + 1400 for work)

Heat, light: 900 (600 personal + 300 home office)

Phone: 400 (100 personal + 300 for work)

Rent: 6000 (4000 personal + 2000 home office)

Training, office supplies, etc: 1000


From these I calculate the following:

Full Costs = €12,200 (ie the sum of all my expenses, including the personal portions of Phone, Heat, Light, Motor etc)

Adjusted Costs = €6,400 (ie the sum of all my expenses, excluding the personal portions)


Here is what I think needs to be entered in the Form (Any corrections very welcome!):

  • Under the “Profit assessable in 2018” section, I have to fill in the “Amount of adjusted net profit” for accounting period:
    For this, I enter €21,600 (my Gross Income - Adjusted Costs)
  • Under the “Income” section, I have to enter an amount for “Sales, Receipts, Turnover”
    I enter €28,000 (my Gross Income, before any expenses have been subtracted)
  • Under “Expenses and Deductions”, I have to fill in an amount for “Motor, Travel and Subsistence”
    I enter €1400 ie My “Travel and Subsistence” expense + the work portion of my “Motor - Fuel, parking, toll gates” expense + the work portion of my “Motor -Maintenance + repairs”
  • Under “Capital Account and Balance Sheet Items”, I have to enter an amount for “Drawings” I don't know what to put here???
  • Under “Extracts from Adjusted Net Profit/Loss Computation” I have to enter an amount for “Net Profit per Accounts”.
    I put €15,800 - ie Gross Income – Full Costs (so, including personal expenses in the costs, this time)
  • Under “Adjustments made to Profit/Loss per Accounts”, I have to enter something for “Motor Expenses”.
    Here I enter €3,300 - my full “Motor -Fuel, parking and toll gates” + “Motor - Maintenance + repairs” (so, again including personal expenses in the costs, for this entry)
    Under that same heading, I also need to enter “Light, Heat and Phone”.
    Here I enter €1300 ie my full “Light, Heat” expense + my full “Phone” expense (So, here again personal costs are included in the calculation)
 
Last edited:
Back
Top