Accounting & Bookkeeping & Small Business Forum

[harrry]

hello sir

i am employed part-time and earn 600

from this month i started my part time consultancy business
and registered as self employed

think

if i earn cash 3000pm

and 700pm are the expences

and put in my business account 1000 as income

and put 2000 in my saving account

so in self assesment tax return, should i have to show 2000 and will there be tax deducted from my saving account or should i have to pay tax

think if my saving account increased by 24000 per year, should i have to pay tax

if i dont disclose my saving account, will that be fine

please please give me tips and advice

waiting for your answers

[RobJ]

In what country do you live?

Rob

[harrry]

in UK

[RobJ]

harrry wrote: in UK
I only asked to help anyone reading this thread because I've never heard of a "self assessment tax return". As such, I won't be of any help.

Rob

[sgbdad23]

I am unaware of UK, Tax law, but believe that the rules of accounting remain standard.
3000.00 Income
700.00 Expenses
2300.00 Net income To be claimed on tax return

What account you place it in is irrelevant, it is still profit. Honesty is the best policy!

Hope this helps
Scott

[RobJ]

I should have asked these questions to start:

harrry wrote: i am employed part-time and earn 600
Do you work for someone else to earn the 600 or yourself?

harrry wrote: from this month i started my part time consultancy business and registered as self employed
Did you just start your own business? Will you be doing this while working for someone else or will this be your only form on income?

harrry wrote: if i earn cash 3000pm
Before or after expenses?

harrry wrote: and 700pm are the expences
Are these expenses only related to your self-employment?

harrry wrote: and put in my business account 1000 as income

and put 2000 in my saving account
Are these amounts from the 3000?

harrry wrote: so in self assesment tax return, should i have to show 2000 and will there be tax deducted from my saving account or should i have to pay tax

think if my saving account increased by 24000 per year, should i have to pay tax

if i dont disclose my saving account, will that be fine

please please give me tips and advice
As mentioned previously, I do not have any knowledge or experience with the self assessment tax return and cannot provide any useful advice in that regard. As Scott (sgbdad23) commented, the rules of accounting may be the same; however, it's important to know what the numbers really mean, where the income is coming from and whether the UK disallows certain expenses before providing tax and/or accounting advice.

Rob

[jdet]

:idea: Try a 2nd source of income from home.