Form 11 Tax Return Self Employed

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Robert4

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Hi, can anyone help with Form 11 Tax return, for self employed ?/
The terms used on the form are confusing, the Revenue guidelines just use the same terms.
I'm sole trader, no staff.
So, Example Only:
Sales/Turnover 25,000
Purchases 500
Gross Trading profit 24,500
Total Deductions (motor, rent, goodwill, fees etc) 5,000
Cash Capital introduced 200
Drawings 19,500
Using the above figures specifically:
(1) What is my Assessable Profit ?
(2) What is my Closing Capital Balance ?
(3) What is my Net profit per accounts ?
Any help greatly appreciated.
I'm not asking for the formula, I'm asking for the figures, its these three items I'm stuck on the Form11
Rob.
 
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With the greatest of respect how are you going to do your tax return if you don't know what the net profit per the accounts is?

Did you do the accounts your self?

The assessable profit is the profit per the accounts adjusted for tax purposes. For example depreciation and personal elements of motor and telephone have to be added back.

The closing capital is the positive or negative value of the balance sheet.

The net profit per the accounts is the result you get when you deduct the expenses from the turnover €19,500 in your example.

Interesting that the drawings is the same figure.
 
Joe, with the greatest of respect to you, I don't follow what you say.
All you have done is quote the same terminology used on the F11 form and guidelines.
Using the figures I gave, can you put a specific figure to each of my 3 questions ?
Thanks for reply.
 
For 3, we need the rest of the balance sheet.

Re the purchases, what are they? any left?
Are they stock?
So opening stock 1/1/2016 xx
Plus purchases
Less stock sold
Equals closing stock.at 31/12/2016

The same idea applies to all balance sheet items so
opening capital
etc
opening bank
etc
opening debtors
etc
opening creditors
etc.

Based on your figures, assuming all the 500 was expensed, your profit per accounts is nil.
Your assessable profits for tax purposes are different, including the reasons Joe mentioned, may be other add backs
 
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Robert4 said:
So, Example Only:
Sales/Turnover 25,000
Purchases 500
Gross Trading profit 24,500
Total Deductions (motor, rent, goodwill, fees etc) 5,000
Cash Capital introduced 200
Drawings 19,500
.
Click to expand...

The profit per the accounts is €19,500.

It's not possible to compute the adjusted profit and the assessable profit because you have not given a breakdown of the other expenses.
Does it include depreciation?
What is goodwill included in expenses?
What % of motor are you claiming?
What % of telephone are you claiming.
Is this your first year?
Do commencement rules apply?
 
Thanks guys.
The purchases were for PC/Printer etc
I factored in 200 for Depreciation
So, start again:
Sales 25,000
Purchases 500
Gross Trading Profit 24,500
Motor 500
fees 1,000
Light, Heat, Phone 1,000
Rent 2,100
Repairs & Renewels 200
Depreciation 200.
Drawings 19,500
For arguement sake say I'm claiming full motor and phone.
The above figures are rounded examples only
Yes, this is for my first year.
 
Guys, just to point out, one reply says my profit per accounts is nil, other reply says my profit per accounts is 19,500...see my confusion !
 
My mistake as I mis read it getting ready for the footie, can't edit, Go with Joe, am out.
 
You have included a computer and printer as an expense these are capital items and should be capitalised on the balance sheet.

Claiming it as an expense and also depreciating it would certainly not be the way to go.
 
Ok, thanks Joe, I'll take the 500 out of purchases, so my gross trading profit goes back to 25,000 and I'll start again from there.
 
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