Hey there. Super quick/easy question here I hope, but Google and searching this forum aren't giving me obvious answers.
For a couple of months at the end of 2019 I was self-employed, doing contract work. Form 11 wants me to list deductions, including "goods for own use" or "salaries". I'm finding both those two points difficult to answer. The money I got went to human things like rent, bills, video games and sandwiches. I work from home, the office rent is my home rent and the office bills are my home bills, and, right or wrong, I don't consider any of it to have been spent on "the business".
I've a few competing theories on how I should handle this. Which is more right here?
A) None of that stuff should be listed as deductions. "Goods for own use" is for business things, and it's not a salary if it's just going to myself.
B) All the money I earned there is a salary, paid to myself. The gross amount I earned and the amount deducted as a salary are the same number.
C) Salary deduction was zero, but "goods for own use" covers everything I spent on the aforementioned video games and sandwiches etc, and "goods for own use" should be "everything I spent money on while doing this work".
Appreciate any assistance, happy to clarify.
For a couple of months at the end of 2019 I was self-employed, doing contract work. Form 11 wants me to list deductions, including "goods for own use" or "salaries". I'm finding both those two points difficult to answer. The money I got went to human things like rent, bills, video games and sandwiches. I work from home, the office rent is my home rent and the office bills are my home bills, and, right or wrong, I don't consider any of it to have been spent on "the business".
I've a few competing theories on how I should handle this. Which is more right here?
A) None of that stuff should be listed as deductions. "Goods for own use" is for business things, and it's not a salary if it's just going to myself.
B) All the money I earned there is a salary, paid to myself. The gross amount I earned and the amount deducted as a salary are the same number.
C) Salary deduction was zero, but "goods for own use" covers everything I spent on the aforementioned video games and sandwiches etc, and "goods for own use" should be "everything I spent money on while doing this work".
Appreciate any assistance, happy to clarify.