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alisonellerbrook0 alisonellerbrook0 is offline
Join Date: Nov 2004
Location: Tyne & Wear
Posts: 382
Accounting, tax, stock... I'm confused!

Ok, so I've been going over 6 months now and I want to get on top of my tax situation before I'm hit with the self assessment for and subsequently a bill!

I know it should be simple enough to work out my profit - turnover minus expenses should equal profit.
But where does my stock come into it all? Does it count as an expense or will I be taxed on the stock I have?

I buy raw materials which I turn into my home accessories, I have recently bought a lot of fabric which I have not yet sold, is the value of this what I bought it for or what I could sell it for once I've turned it into a lampshade?

I find the whole situation very confusing, if it's a tax deductable expense then I have not made much profit, but if not then I will be due to owe a lot more in tax.

...also, do I only start paying tax on my profit once I have exceeded by tax code amount?

Boy I hate finances!
hunkydory home ... something a bit different
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