tag:blogger.com,1999:blog-1608627531625985853.post4679845244327730651..comments2019-12-28T13:03:06.609+00:00Comments on Lois Designs : TSCB 6: Expenses - Stock, Work in Progress & AppropriationsGoblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1608627531625985853.post-27590788427969227412013-06-15T20:08:53.462+01:002013-06-15T20:08:53.462+01:00hmm that was coherent. not. what I meant to say w...hmm that was coherent. not. what I meant to say was - who knows what goes in which box next year when HMRC have to implement the new Cash Accounting Basis. Just be aware.Goblinfhttps://www.blogger.com/profile/06260037987448208301noreply@blogger.comtag:blogger.com,1999:blog-1608627531625985853.post-57916503059417290902013-06-15T20:07:37.945+01:002013-06-15T20:07:37.945+01:00Hello Anonymous (sorry it's taken so long to p...Hello Anonymous (sorry it's taken so long to publish your comment and reply).<br /><br />Your Question: Does the Closing Stock figure show on the tax return anywhere? <br />Answer: No. It doesn't. Because it's a number that you use to work out a different number that goes on the tax return.<br />What happens is that in Helpsheet 222 on page 2 <br />http://www.hmrc.gov.uk/helpsheets/Goblinfhttps://www.blogger.com/profile/06260037987448208301noreply@blogger.comtag:blogger.com,1999:blog-1608627531625985853.post-40700086686765050772013-05-22T10:45:01.702+01:002013-05-22T10:45:01.702+01:00Hello,
This is a great post which has really helpe...Hello,<br />This is a great post which has really helped me. I'm currently filling out my self employed tax return online (I'm a small designer/maker business and 2012-13 was my first trading year). I have the following question:<br />When I've worked out my closing stock figure which I put in the allowable expenses section, is there anywhere on the tax return to record the opening Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1608627531625985853.post-89307657928575778212013-02-02T10:00:02.692+00:002013-02-02T10:00:02.692+00:00The other way they deal with it is to have very ve...The other way they deal with it is to have very very tight design costings - so for example, sticking with car manufacturers, they work out exactly what goes into each of their designs down to the last mili-litre of oil and tiny screw or screw-head cover, then as they go along they use the design costings every time they buy in & use the stock to make finished goods. In the same way, the Goblinfhttps://www.blogger.com/profile/06260037987448208301noreply@blogger.comtag:blogger.com,1999:blog-1608627531625985853.post-56605943641517984782013-02-02T09:59:51.371+00:002013-02-02T09:59:51.371+00:00Sorry for the delay in putting up your comment Cec...Sorry for the delay in putting up your comment Cecca, client personal tax returns in the run up to 31 January 2013 deadline took over!<br /><br />I think the first thing to recognise is that this blog deals only with UK tax. So what the Americans do is irrelevant - they have a totally different set of tax rules to the UK.<br /><br />Assuming your are trading in the UK: is there an easier way?<brGoblinfhttps://www.blogger.com/profile/06260037987448208301noreply@blogger.comtag:blogger.com,1999:blog-1608627531625985853.post-39209193009480204362012-12-13T19:06:56.220+00:002012-12-13T19:06:56.220+00:00Hi Lois, thank you so much for these blog posts, t...Hi Lois, thank you so much for these blog posts, they are really helping my understanding of all of the terminology. After watching HMRC's videos and browsing through a number of there worksheets I was still left wondering exactly how to calculate that first stock figure. I've been keeping and recording all my receipts for everything and I am now a bit clearer on the next step - working Ceccahttps://www.blogger.com/profile/05324152950303305431noreply@blogger.comtag:blogger.com,1999:blog-1608627531625985853.post-58430293777730977002011-01-06T09:33:13.120+00:002011-01-06T09:33:13.120+00:00I agree re the 'so much information' - tro...I agree re the 'so much information' - trouble is, I'm trying to get through it all in time for people filing their tax return at the end of the month - I so should have started this series before Christmas!<br /><br />But apologies if it makes your brain hurt! I suggest people just read the articles through to get the gist of them, then concentrate on the bits that are important to Goblinfhttps://www.blogger.com/profile/06260037987448208301noreply@blogger.comtag:blogger.com,1999:blog-1608627531625985853.post-76279815500764062652011-01-06T09:11:17.605+00:002011-01-06T09:11:17.605+00:00Wow! So much information, but all valuable. Really...Wow! So much information, but all valuable. Really, really good stuff and invaluable reading for small crafting businesses. <br />Thank you for including my jewellery images too <br />Viv :)Anonymoushttps://www.blogger.com/profile/03969342553623636075noreply@blogger.com