cmno1973 started this topic @ 11:34 on 23/06/2009
RE: Expenses more than turnover!
Rally | 23/06/2009 02:01 PM
Hi,
Do not worry about it, you can show a loss, which is fine and can justify it by showing funds from banks.
If you need anymore advice send me an email with your tax ref
Good luck
Ray
raihan@bbkca.com
Chartered Accountant
RE: Expenses more than turnover!
virtuallysorted | 30/06/2009 04:17 PM
You never know, you may even get some money back from Mr Taxman if your self-employed expenditure meant you overpaid on your PAYE.
Enjoy it!
However, the more concerning thing is that the business isn't making money - you need to look at the costs and minimise them as much as possible (like switch to a pushbike??) or at least keep everything quite local? And then look at your marketing and see if you can physically do more work or if you need to recruit more people to cover different areas.
------------------------
Caroline Wylie
www.virtuallysorted.com
www.SocietyOfVirtualAssistants.co.uk
RE: Expenses more than turnover!
Harriet | 01/07/2009 03:55 PM
ok this is not my area but are you are documenting specific work related vehicle mileage i take it?
------------------------
www.mistore.co.uk - Great business websites and online shops that you control from only £9.99 a month
RE: Expenses more than turnover!
jeconomides | 05/07/2009 11:55 AM
Completely normal to make a loss if you're business has just started. As I understand it, petrol expenses is sometimes a trick issue to understand. Best speak with your accountant to see how he is 'presenting' your return to HMRC. I agree with Caroline though, it's more important to review your business plan. What business are you in?
------------------------
Jason Economides - Rainmaker and Author of Marketing Newsletter "Low Hanging Fruit"
For lots of FREE stuff on marketing and business development visit:-
http://www.eco-services.co.uk
Free Tips on Twitter: Http://www.twitter.com/jeconomides
Licensed Facilitator of Get Clients Now!™, the only 28-day marketing program for start-up professional services businesses. Get Clients Now!™ is a trademark of Wings for Business LLC, and is used under license. www.getclientsnow.com