Protax Self Employment Return
Overview
The self employment pages are for people who have done any self employment work within the tax year that you are doing a return for. There are some parts of the self employment pages that have to have the correct information in. Self employment pages are made of 4 pages.
To access the self employment pages the pages must have first been added. Most of the time there will be a self employment page all ready if the client is self employed. But if its a new client or a client just starting self employment then you will need to put a self employed page on.
Basic Information
the first page requires the correct dates to be put in for the tax year that you are doing. Also on page 3 the dates need to be changed to match the first page. The information about the client should be carried forward from Clientbase.
Capital Allowances
To enter a capital allowance in the majority of cases it needs to be put on page 1 of the self employed page in box 3.16. You should be able to find the capital allowances from the worksheet with the appropriate workings.
Income and Expenses
On the second page a lot of the processing for the tax return is done. In box 3.29 any income that has been figured out will need to be put in this box. Most the processing on the tax return is the expenses and you will need to enter the different types of expenses under the correct categories. The worksheet will contain the right figures to use under the relevant categories to input on the tax return. It is all put in the 2nd columns which is from 3.46 to 3.48 and 3.51 to 3.63
Once you have inputted all the expenses and the income you should end up with the total expenses in box 3.64 and the total profit in box 3.65
The taxable income is then figured out by taking away the capital allowances from the total profit in box 3.65
CIS
CIS tax is inputted on page 3 on the self employed tax return and in box 3.97. You should be able to find this from the worksheet with the appropriate workings. Not all clients have paid this as it is something that is common in the construction industry with subcontractors. The CIS tax is tax that the client has all ready paid so this is amount is taken away from whatever tax the client has to pay. If the CIS is more then the tax that the client has to pay then the client will get a refund.