Self Employed full/short 05 - Costs of goods bought for resale or goods used

Include any:

• cost of goods bought for re-sale
• cost of raw materials used
• direct costs of producing goods sold
• adjustments for opening and closing stock and work in progress
• commissions payable
• discounts given

Taxi and minicab drivers and those in the road haulage industry should include fuel costs.

Do not include:

• cost of goods or materials bought for private use
• depreciation of equipment

Note: If you claim the trading income allowance, you cannot also deduct allowable expenses or simplified expenses, do not enter an amount here.

For more information on the trading income allowance, go to Tax-free allowances on property and trading income.