Please could you use my example only because im getting bloody confused..
I started buying and selling a few cars now have got to fill in a tax return...
Now say i only bought and sold one car in last years tax year to make it simple.
I buy a car for £1200
Service costs me £200
Total= £1400
I sell the car for £1600..
Now would my turnover be the £1600+£1400 so £3000??? (or am i missing something?)
I tried ringing the help line but they just confused me more..Sorry if this is basics to some of you lot but this is my first tax return so dont want to mess it up..
thankyou
I started buying and selling a few cars now have got to fill in a tax return...
Now say i only bought and sold one car in last years tax year to make it simple.
I buy a car for £1200
Service costs me £200
Total= £1400
I sell the car for £1600..
Now would my turnover be the £1600+£1400 so £3000??? (or am i missing something?)
I tried ringing the help line but they just confused me more..Sorry if this is basics to some of you lot but this is my first tax return so dont want to mess it up..
thankyou