Home Forums Money matters Business Losses – Sole Trader – Tips/Advice?

  • This topic is empty.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #1000113
    ccastell88
    Member
    • Total posts: 13

    Hi Guys,

    Running an online business/website as a sole trader (20 hours a week – working from home) + work full time

    2016: Income $1k Expenses $2k
    2017: Income $7k Expenses $25k
    2018: Income $3k Expenses $12k
    2019: Income $31k Expenses $25k

    Expenses: Hosting, software, writers, sub-contractors (e.g. Upwork), sub-contactor (fiverr)

    Any tips on how to navigate my 2019 tax return, in terms of the current loss and also previous ones?

    Cheers.

    #1223025
    bb1
    Participant
    • Total posts: 4,472

    so much missing info, go talk to an accountant

    #1223026
    JamesMillar
    Participant
    • Total posts: 1,675
    ccastell88, post: 269429, member: 48167 wrote:
    Hi Guys,

    Running an online business/website as a sole trader (20 hours a week – working from home) + work full time

    2016: Income $1k Expenses $2k
    2017: Income $7k Expenses $25k
    2018: Income $3k Expenses $12k
    2019: Income $31k Expenses $25k

    Expenses: Hosting, software, writers, sub-contractors (e.g. Upwork), sub-contactor (fiverr)

    Any tips on how to navigate my 2019 tax return, in terms of the current loss and also previous ones?

    Cheers.

    1. On those figures you made a current year profit not loss.

    2. Did you complete the prior 3 years non commercial losses details correctly in those returns? If you did you can claim against the profit in 2019. If you didn’t you may be able to amend prior returns first. Subject to time limits.

    3. If an accountant prepared these returns them I presume done correctly no problem. if you prepared these returns and didn’t report correctly then you may be paying some tax your could have otherwise avoided.

Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.