Confused on Capital Account and Balance Sheet items in ROS

[Yam_Naem]

Hi,

I am submitting a tax return form 11 on ROS for my first year of self-employed freelance work and I'm a bit confused about the balance sheet part. I understand hiring an accountant would've been the more sensible, straightforward route but I honestly just couldn't afford it.

So turnover/income from freelance work was €16500 and I had expenses of €865. I didn't invest any personal money into the business or anything. Still, despite the simplicity of the transactions, I haven't got a clue what to put in the Capital Account and Balance Sheet section of Form 11.

Would it be ok to leave this section of the form blank or is that likely to raise flags? I have searched quite a few forum posts and on some of them, there was advice to leave it blank if your business is uncomplicated and income modest.

I don't know what I should be putting in "Drawings" or "Cash/Bank". I made the mistake of not setting up a dedicated business bank account. Given that I essentially just used all profit for personal use, could I put "Drawings" as my net profit (16500-865) and cash/bank as 0?

Thanks for any advice.

 

[Mary55555]

Hello .. I don’t think there is no obligation to fill out the balance sheet items. It certainly wasn’t the case when the extracts were first introduced and you could put zero in the mandatory balance sheet boxes .. can’t find any guidance!

 

[dublin67]

You can leave blank whatever is isn't mandatory to complete. At your level of turnover and profit I wouldn't expect it would raise any flags at all. For drawings, if you are working on a cash receipts basis, you can enter your net profit less your business bank balance at the end of the accounting period (31/12?). If you made any pension contributions or paid any income tax these items aren't deducted from your drawings.

The business bank account is your bank balance at the end of the accounting period. However as you only have one bank account put the bank account balance there at your year end.

 

[nickih]

Hi,

I am submitting a tax return form 11 on ROS for my first year of self-employed freelance work and I'm a bit confused about the balance sheet part. I understand hiring an accountant would've been the more sensible, straightforward route but I honestly just couldn't afford it.

So turnover/income from freelance work was €16500 and I had expenses of €865. I didn't invest any personal money into the business or anything. Still, despite the simplicity of the transactions, I haven't got a clue what to put in the Capital Account and Balance Sheet section of Form 11.

Would it be ok to leave this section of the form blank or is that likely to raise flags? I have searched quite a few forum posts and on some of them, there was advice to leave it blank if your business is uncomplicated and income modest.

I don't know what I should be putting in "Drawings" or "Cash/Bank". I made the mistake of not setting up a dedicated business bank account. Given that I essentially just used all profit for personal use, could I put "Drawings" as my net profit (16500-865) and cash/bank as 0?

Thanks for any advice.

Hi Ronan,

Hi,

I am submitting a tax return form 11 on ROS for my first year of self-employed freelance work and I'm a bit confused about the balance sheet part. I understand hiring an accountant would've been the more sensible, straightforward route but I honestly just couldn't afford it.

So turnover/income from freelance work was €16500 and I had expenses of €865. I didn't invest any personal money into the business or anything. Still, despite the simplicity of the transactions, I haven't got a clue what to put in the Capital Account and Balance Sheet section of Form 11.

Would it be ok to leave this section of the form blank or is that likely to raise flags? I have searched quite a few forum posts and on some of them, there was advice to leave it blank if your business is uncomplicated and income modest.

I don't know what I should be putting in "Drawings" or "Cash/Bank". I made the mistake of not setting up a dedicated business bank account. Given that I essentially just used all profit for personal use, could I put "Drawings" as my net profit (16500-865) and cash/bank as 0?

Thanks for any advice.

Hi Ronan,

Currently in the same position as you were last year. Did you end up filling out the drawings/cash/bank or did you just leave it blank? I can't afford to employ accountant especially for the little income I had and the whole thing is utterly mind boggling.