How to total your income and expenses for the year
Add up twelve months of records into the few figures the tax return asks for: income, expenses by type, and profit.
This path is practice in how the records and the sums work. It is not tax advice. Any rate or allowance in a question is an example for that question, so check GOV.UK for the current figures.
Task 1From quarters to a year4 questions
If you total your record as you go, the year end is only adding up. Many people total it every quarter, which is three months.
| Quarter | Income | Expenses |
|---|---|---|
| 6 April to June | 7,200.00 | 1,650.00 |
| July to September | 9,100.00 | 2,050.00 |
| October to December | 8,300.00 | 1,780.00 |
| January to 5 April | 6,800.00 | 1,420.00 |
Profit for the year is the total income less the total expenses.
Task 2Expenses by type4 questions