UKC

Being a bit lazy here but after a bit of tax advice...

I'm completing my self-assessment return and wondering about expenses, again:

I charge someone £x for a day's work. I also charge them £y for materials. A day's work is therefore invoiced as the total of x + y.

Now, when it comes to declaring this information should I declare the turnover as the total of x + y? Or should I not include expenses as, even though I have incurred the expenses, the client has paid me for them?

My belief is that I should declare the total of x + y as business turnover. The fact that I have re-couped my expenses is a private matter and irrelevant to HMRC. The expenses were still incurred.

I am self-employed by the way.

In reply to ksjs:
all my invoices include a day rate and any expenses
my income is what is on my invoices so iam taxed on my income and expenses
however my expenses for any invoice i claim as a cost of running my bussiness
so they become tax deductable
so yes declare x + y as income
but y should be on your expenses and deductable before tax applied

In reply to koolkat: Good, I'm on the right side of HMRC then Thanks.

In reply to ksjs:

Nothing like cutting it fine

In reply to hokkyokusei:

http://www.icaew.com/en/about-icaew/newsroom/press-releases/2012-press-rele...

Plenty of time yet. Deadline extended

In reply to Axel Smeets:

Unofficially it's much later than the 2nd.

In reply to hokkyokusei: Sadly (or is that gladly) my financial affairs could be written on a postage stamp so it takes very little time to sort this. All done now