Self Employed Tax Question

[pontypool]

In 2006/2007 I didn't actually invoice anyhting from my self-employed business (consultancy) so presumably I don't have to bother submitting that part of the return, even though the business did sort of exist?

[Eric Mc]

Wrong.

Did you actually cease trading?

If not, did you have any business related expenses?

[pontypool]

didn't cease trading per se, just that my employed work meant i didn't do anything on the side during that period....have since done some invoiced work as self employed since April 6th 2007...just not int the 12 months before.

No expenses either really as I wasn't soliciting for anyhting...

[Eric Mc]

You were still trading then an should therfore submit some figures on the Self Employed pages.

What about your Capital Allowance computations. Surely you will want to bring foward the Written Down Values so that you can make the relevant Capital Allowance claims against future Self Employed income?

[pontypool]

the error of trying to do this myself! What are the allowances as I have had no capital expenditure at all for this business as it is a consutlancy?

[Eric Mc]

Do you use a desk?
Do you sit on an office chair?
Do you have filing cabinets?
Do you have office shelves/carpets and other office fittings?
Do you use a computer?
Do you use a printer?
Do you use your car in your Self Employment?

[pontypool]

Thanks Eric, I have just been reading the details of what I can do on the web and will therefore be adding in some WDA!

[pontypool]

final question...

as i had revenue of nil and expenses of nil do my WDA mean that i actually made a loss for tax purposes?

[Eric Mc]

Yes.

You can offset the loss against your current income from other sources - thereby perhaps obtaining a refund of tax already paid OR you can carry the loss forward for offset against next year's income FROM THE SAME TRADE ONLY.

[pontypool]

Cheers for help!