Hi, i am sorry to ask what i know is likely to be a simple question but im just wondering if anyone maybe able to answer the correct process for opening / closing stock on a self assessment as there is no opening closing boxes,
i’ve been looking into this and from what im trying to work out is for example say i have £10,000 purchases (including the stock i have) (box 17 in expenses) in a year and at the end of the year i have £1000 in stock still do i record on my self assessment in the purchases box (Cost of goods bought for resale or goods used) £9000 (taking into account the beginning of the year would be £0 (opening stock) and closing stock being £1000 (by this example)
then for the future year opening stock (£1000) would be added (+) to that same box and then closing stock again minused off again.
this maybe completely wrong but i just cant work out exactly in what section on the self assessment this would go into,
Thank you, im really sorry to sound stupid with this, i do have an accountant but trying to get hold them is becoming a bit of a nightmare, i just want to be sure they complete the return correctly as this will be the first year,
with the calculation you mention i cannot see any section named cost of good sold (im very sorry i know is its probably a stupid thing to say), but bearing in mind from what you say (opening stock + purchases - closing stock) would this total calculation go into the box named Cost of goods bought for resale or goods used or is there a different section completely for this as i’ve gone through the return a few times and i can only see this section being the most suitable place bearing in mind the purchases would already be in that box.