Help with IT14 please

[TanyaK]

Hi

I'm busy doing my IT14 for 2008 (yes I know I'm late)
As I only registered my CC in Nov07 and have had no sales in that tax year I'm doing this myself as I just can't afford a tax consultant at the moment.
Thought it would be easy as there's no income but:

I have had expenses in terms of marketing(mainly graphic design fees,printer plate costs for labels,banners,business cards and product development costs), petrol, stationary/printer costs and a third of my home electricity,municipal and telephone costs as I work from home. On my IT14 I don't see any place in "Expense Items" to put those - apart from "Research and Development" for my product development costs.
Do I add it all together and put it in "Other" or am I missing something here?

Apart from that I only have Machinery as a Fixed Asset. As I used my own personal funds for all of this is it right that I add the Fixed Asset costs to the Negative Net Income(derived from mentioned expenses) and that this is my Shareholders Loan Account ? I don't see a Shareholders Loan Account section in the "Current Liabilities" Section of the IT14 though.

They sure don't make it easy for small businesses

[sgafc]

Hi Tanyak

You can lump all of them together, under "other". Just retain the schedule for enquiries from SARS.

Best Regards

Sean

[TanyaK]

Thanks Sean !

[sgafc]

Hi


Apart from that I only have Machinery as a Fixed Asset. As I used my own personal funds for all of this is it right that I add the Fixed Asset costs to the Negative Net Income(derived from mentioned expenses) and that this is my Shareholders Loan Account ? I don't see a Shareholders Loan Account section in the "Current Liabilities" Section of the IT14 though.

They sure don't make it easy for small businesses

Look on Balance Sheet Information, Non Current Liabilities, insert Members Loan under "Long-Term Loans-Interest Free" Also dont add negative Net Income to Fixed Asset Cost. Put it under retained income, SARS shall be able to calculated that it is a negative, from the Income and Expenses supplied. If you have finalised it, its fine, but hopefully other readers can benefit.

All the best