How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5141
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

Am i able to decide how much gross and expenses i allocate

This answer was rated:

am i able to decide how much gross and expenses i allocate to any tax year in order to avoid the higher tax band?
Thank you for your question...Please expand on it .. gross and expenses in what context. Many thanks
Customer: replied 2 years ago.
i am self employed and i do my tax return online. Is this what you mean by context?
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.
Box 8 if filing SA103s (self-employment short) or Box 10 if filing SA103F (self-employment full). Many thanks
Customer: replied 2 years ago.
thankyou that makes sense.Do I have to disclose gross earned abroad?
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. and other Tax Specialists are ready to help you
I thank you for accepting my answer.Best wishes.