I'm planning on opening my own small business in the future, while I intend to use a accountant I believe it does not hurt if I understand the basics myself.
I plan on making my own handmade items, working from home and selling online. So profits would be those things I sell, expenses would be -
Materiels
Ebay & PayPal fee's
Postage
Packaging
I would work alone, not need transport and will be a sole trader. As I understand, to do my self assessment I add up all my sales, subtract the expenses, add in the unsold stock and then the amount is taxable for example-
Sales-100.00
Expenses- 25.00
End of year stock not yet sold- 10.00
=85.00 taxable.
I've done a simple version but is that pretty much it? I've read about assets and such, but I don't want to add the few tools I own to make the stuff into the equation as it just makes it that bit more complicated.
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