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do I submit my gross income for self employment or can I take

Resolved Question:

do I submit my gross income for self employment or can I take off
My non taxable allowance, £7,500
My ISA deposits, £3000
My donations, £1500
then submit the remaining income?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

If you are completing your self-assessment tax return, then you include your gross income for self-employment (the turnover or the amount of income generated in your business before expenses). You then give details of business expenses.

A payment into an ISA is not a business expense so you should exclude that from your business expenses. Charitable donations made through gift aid have a specific box in the tax return (see page TR4 here). They are not a business expense for somebody who is self-employed. Your personal allowance will be given automatically by the HMRC computer and should not be included in your business expenses as it is not a business expense.

I hope this helps but let me know if you have nay further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15886
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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