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Cost of sale items not affecting taxable income figure
I have hire equipment for each project; I enter these into Freeagent as "bills" filed under "Cost of sale - equipment hire". When I look at my Freeagent Self-Assessment form, these costs don't appear to be deducted from my turnover before my taxable income is generated, whereas they are on the yearly P&L pages. Am I missing something about how my tax is generated?
I’m confused
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Inappropriate?Ed,
Sorry, we've just checked this out and you're right - when we added Equipment Hire as a new category we forgot to map it to an equivalent Self-Assessment category (they're different).
We'll get that fixed in time for our next release (next week hopefully) and sorry for the confusion in the meantime. -
Inappropriate?Thank god for that, I thought you knew something about tax law that I didn't and was going to get a really nasty surprise on Jan 31st!
EMPLOYEE
