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So to clarify, The OUTGOING costs I list are anything relating to the Sole Trader Business until it ceased.
The income is any profit made as a sole trader PLUS one other figure which shows "Other Income" - and this is the amount drawn from the Ltd Company.
I actually don't have to pay this tax anyway, as it falls under the
bankruptcy. But I do obviously have to submit the amounts.
Also - what happens with regard to the money drawn out from the Ltd Company before I resigned & it was taken over. I can't pay that back, so how does that work with regards ***** ***** tax return. Thank you
I'm so sorry - I'm still not clear.
"Your income in the tax year is profit from sole trader plus other income from sole trader business banked into company bank account"
Just to clarify, the INCOME I received was:
Sole trader profit banked in personal account
Ltd Company drawings banked in personal account
Nothing was banked into company bank account.
Monies drawn out from the LTD company before you resigned is not part of income as sole trader. You can show it as either- taxable fees paid to you not under PAYE or- dividends paid to you out of company profits
So - to be clear. Is there a box on my form which allows for taxable fees paid not under PAYE? Or do I just list as "Other Income"
Thank you! Sorry to keep coming back - but I'm still not 100% clear where to log the amounts xx
Heather, thank you for your reply.It is to be reported under "Other UK income not included on supplementary pages" as other taxable income.I hope this is helpful.I should make you aware if you are now sending a paper tax return, you will be charged a £100 penalty as late filing penalty. You should instead file you tax return online.I hope this is helpful