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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Am i able to decide how much gross and expenses i allocate

Resolved Question:

am i able to decide how much gross and expenses i allocate to any tax year in order to avoid the higher tax band?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question...Please expand on it .. gross and expenses in what context. Many thanks
Customer: replied 1 year ago.
i am self employed and i do my tax return online. Is this what you mean by context?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.Accounts are prepared using one of these accounting concepts- cash based accounting (accounts are produced based on cash receipts from work done and actual payments made for costs and expenses in the accounting year)- accruals based accounting (you match income with expenses whether cash received or not. Here you are accounting for activity in the accounting year and not necessarily cash received or paid).Having chosen one, you should apply it consistently. If you opt to prepare your accounts on cash basis then you should put an X in Box 8 within business details section. I hope this is helpful and answers your question. If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Expert:  taxadvisor.uk replied 1 year ago.
Box 8 if filing SA103s (self-employment short) or Box 10 if filing SA103F (self-employment full). Many thanks
Customer: replied 1 year ago.
thankyou that makes sense.Do I have to disclose gross earned abroad?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.
You should disclose gross earnings from self employment by completing supplementary pages SA103f or SA103s.
if you have suffered any tax on this income overseas, then you should claim foreigh tax credit relief by completing supplementary pages SA106 Foreign.
I hope this is helpful and answers your question.
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.Best wishes.