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Where Taxpayers and Advisers Meet

Doing own tax return

DDPol
Posts:1
Joined:Thu Dec 05, 2024 2:27 pm
Doing own tax return

Postby DDPol » Fri Dec 06, 2024 11:41 am

I am a small sole trader and have decided to do my own tax return as my accountant is getting to expensive for me as I usually make a loss each year.
My accountant usually puts an income tax relief deduction against my pension which in turn means I get a rebate over my tax taken at source on my pension, but where does he get the figure from, I can’t find it anywhere in the set of year end accounts he gives me ?
Also he puts in a figure in box 23 (Annual Investment Allowance) of my tax return, where does he get that from ?
Thanks in advance.
DDPol

bd6759
Posts:4415
Joined:Sat Feb 01, 2014 3:26 pm

Re: Doing own tax return

Postby bd6759 » Fri Dec 06, 2024 6:09 pm

If you usually make a loss, it’s probably relief for that loss set against your income. (Box 33 or 78 depending on what you are filling in).

AIA is a first year capital allowance for expenditure on plant or machinery.

wamstax
Posts:2043
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Doing own tax return

Postby wamstax » Fri Dec 06, 2024 7:11 pm

Be careful, as losses in a trade for 5 successive years can lead to it being treated as an uncommercial loss and not allowable for sideways relief
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites


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