Hi All,
Just started using Solar Accounts last month. I'm using it to help me complete the the HMRC forms online. My business is really small part time (more of a hobby) but I dunno where on the Self Assesment I mention my payments to suppliers? Are they called Creditors??
I've just done my turnover and expenses with the help of Solar.
Can anyone who has done it before please help me.
Thanks
PS Solar Accounts is brilliant. I wish I had it since day one and then all this SA melarky would be easy.
Hi Michael,
Looking at the short self-employment tax return (SA103S), it seems that you would enter purchases from suppliers in boxes 10 to 19. For example, purchases of stock would be put in Box 10.
Note also that a purchase is not always the same as a payment to supplier. For example, if you paid a supplier in Year 2 for goods you had purchased in Year 1, the expense would be recorded on the tax return for Year 1, not Year 2.
Finally, please note that I am not an expert on tax - you should check this information with your accountant or local tax office.
Regards,
Thanks Mark,
That cleared it up for me.