Post
by purplepundit » Mon Aug 07, 2006 5:59 pm
I am also a self employed IT professional but I am confused on whats the best way to show income, as I am about to file my returns.. my tax return must show my net income above 7.5k pounds or if my Gross is above 7.5k pounds will that be sufficient? please suggest, I will take the opportunity if I can save money by showing expenses in my Taxes but my net income will go down the minimum for HSMP.
I have invoices and payments received from my clients which is above 7.5k pounds annually that also reflects in my bank statements. I also have a few foreign clients and my statements show Euro and Dollars as earnings. What did you all show in your tax returns? I mean, net income or gross income should be above 7.5k pounds? appreciate your help... thank you!