View Full Version : start up costs
bezi123
10-07-2012, 07:20 PM
I registered 3 weeks ago and my first mindees started last week, so just trying to start my accounts, for start up costs do I need to list all courses and every single toy, peice of stationary, etc I have purchased or can I lump it all together? Also alot of the resoursces are old toys from when my son was a baby, my parents have even dug out toys from when I was little, I'm sure I read somewhere I can also claim for these, is this correct? if so how does that work do I give an estimate of what it would sell for now? can I lump these together or does each item need to be seperate, I can see this taking a very long time if I have to put down each individual toy!?
Also I have the percentages for household bills, can I also claim part of my mortgage?
Sorry if these questions have been anaswered a million times but would really apprciate any help!
you can claim the mortgage interest oNLY...
yes you can lump all your resources together as a start up in your accounts book.
with old toys, the best way is to check ebay and see the average the toys are selling for and take that price...
bezi123
10-07-2012, 08:27 PM
Thanks for the reply, is it just a percentage of the mortgage interest so the same percentage as for other household bills like gas, electric etc?
Kiddleywinks
10-07-2012, 09:50 PM
Yes, but, there are other things to take into account if you do this - Something to do with capital gains I think.
if you do a search in the bookkeeping section for 'claiming on mortgage' or something like that you will see loads of information for and against doing this
Rebecca Foster
11-07-2012, 06:11 AM
Yes you can clump your purchases for toys together :)
MrAnchovy
11-07-2012, 11:54 PM
Nothing to do with capital gains tax, but you can't claim mortgage interest using the fixed percentages as for other household bills. I wouldn't recommend anyone does this for themselves, you need an accountant who is familiar with the principles to help you come up with a percentage appropriate to your particular situation.
You can only claim mortgage interest if you are not looking after your own children for all of the time you are working.