box 1600 tax return

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A negative amount in box 1600 from your tax return usually means that you have not entered your inventory correctly. Box 1600 reflects your gross profit, which is your turnover minus the cost of your trade goods. To fill this in correctly, you need to enter your closing inventory. For example, if you have just started and you have purchased trade goods for resale that you have not yet sold at the end of the year, the value of those trade goods for resale is entered as inventory.