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
Did you like this article? Share it with your favourite social network.