Sole Trader Needs Help With Tax Issue

S

shadowrun

Guest
Im a soletrader and am doing my first tax returns this year.My bussiness has brought in 25,000 this year but my over heads are very high.Alot of diesel,hotel stays,repairs and purchases.How much of these expenses are tax deductable??I estimate my expenses at about 14,000 this year,how much tax can i expect to pay?what exactly is seen as an expense for a sole trader?thanks for your help and sorry for sounding so naive.
 
No accountant.should get one really.Was hoping to try and get it done myself for thr first year
 
Generally any expenses that you incur for the purpose of pursuing your business. If you are filling out your form 11E, you'll see a breakdown of some of the usual categories on page 4 but these are very general. You may well have types of expense that you would want to categorise differently.
The key thing as far as I can see with tracking expenses is to be consistent and regular. At minimum, collect up your receipts and invoices for each month. At end of each month, process them and add them into your books or accounting software. Worst thing is to leave everything till year end and try and sort it out. Maybe this helps.
 
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