Self-employment SA - short version ???

[btwales]

Anyway, been looking and it seems if your turnover is less than £73K you can use short version of self-employment pages.

Looking at the pages and the notes, it seems all they want is turnover, and expenses total - thats it. No mention of creditors/debtors or opening/ closing stock which seems weird.

It seems you can enter figures purely on a cash flow basis. Money in minus money out for expenses.

I was planning to sort out the accounts properly using debtors, opening stock, closing stock etc but it seems I dont have to do this? Is this right?

Thinking about it I guess it all carries forward to next year anyway. i.e. Even if I dont take stock into account this year it will be used next year etc. Same if I dont claim for an invoice recieved this year and paid next year. Not sure it'd all work if you close the business though at some point? Might screw things up.

Anyone know how this all works?

[webchefs]

I think that's pretty much how it is. They ask you for whole figures rather than a breakdown of what you spent and what you earned. As long as you have your records in order and items are in the correct tax year you should be OK.