Do you think...

[crazybones]

I could claim against tax for the full cost of my laptop - need it so I can write policies, risk assessments all the rest of the :censored: paperwork, whilst watching the children and so I can keep stuff confidentially on it that is not on the family pc and loads of other things I can probably think of to try and justify it. Have only just started claiming ink and mobile phone calls so I am trying to think of as many things I have missed out on claiming for in the past.

Annie x

[sarah707]

This is a reply to a similar question posted by another member - sorry I don't know who!! It is relevant to what you are asking though and was taken from her course notes :D

" Capital expenditure covers anything deemed to be an asset to the business, usually something that has a re-sale value. This tends to be larger items such as a computer, printer, cots, pushchairs, etc.

To calculate capital expenses, you need to record
1, What was bought
2, Date and cost of purchase
3, Proportion of business use
4, Any items sold
5, Date and amounts received if sold

Most equipment attracts a first year allowance (FYA).

FYA works like this.

You buy a computer for £500. FYA on this would be £250 and the residual value would be the remaining £250. The following year you can claim a further 25% of the remaining £250 which would be £62.50. The following year you can claim a further 25% of the remaining amount which would be £46.87 and so on until the item is sold or replaced.

FYA are apportioned for private use."

[berkschick]

It was me Sarah, Im glad you found the thread, I was just looking for it to save me typing it out again!

[sarah707]

I have it on my computer - I will put your name by it now... I had a conservatory built this year which I want to put against my tax (since it is only used by mindees and has all their stuff in it)... I needed your great advice somewhere accessible ready for April...

Thank you :D

[berkschick]

Oh :blush: Lol I am really pleased to have helped someone after all the help I have received!

[crazybones]

Thank you ladies that is very useful. Like the idea of a conservatory though.

Annie x

[manjay]

Or if you are really naughty you could put the whole lot through in one go!! (but I never said that)

amanda xx

[Tily Bud]

Just wondering if we claim for items as you said Sarah are these classed as capital gains, and if so do we then have to complete a full / long tax return ?

[manjay]

You do have to keep full business accounts if you claim capital expenses.

amanda xx

[crazybones]

I truely bought this laptop because of the childminding. There are 5 of us here, 4 of which are trying to use the PC at the same time. I decided to buy it because of all the paperwork I now have to do, the time available to be on it and also the confidentiality thing. This is my baby and noone else is allowed to touch it. If I wasnt minding I wouldnt have needed it but if it means filling in a long tax form and all that messing I dont think I will bother.
But I am claiming for mobile phone though. Just putting the whole thing in. I take pics of kids on it and it has emergency nos in it so blurgh to them if they dont like it.

Annie x:D :thumbsup:

[berkschick]

I claimed for half of my laptop last year ( for another business, not childminding).

I just added it to my other expenses. I didnt fill in a longer tax return as my net profit was rubbish haha

I didnt realise you had too and I got a letter saying I didnt owe them anything so the tax return was ok that way.

The thing is, they class higher value items as being assets to the business which something like a laptop is.

I am putting the other half through this year as it has had it now and I will be buying a new one during the next tax year. As this one has had it, it is no longer worth anything!

[crazybones]

I know I am under the £5000+ whatever earnings whether or not I put this in as I had unpaid time off when dad died last year but when I do my child tax credits I want figure to be as low as possible.

Annie x

[berkschick]

I was given the contact number of the woman who took our tax evening on the course. I will call her on Monday and try and find out more about the capital expenses business!

Its hard to remember how I filled in my tax return now without having a tax return form in front of me but it wasnt any longer than in previous years given that I claimed for a capital expense. Unless I filled it all in wrong!

Its all very confusing! This year I have 2 travel cots, a single buggy, a double buggy and 3 stair gates to claim for!

Will let you know when I know!

[crazybones]

Thank you again. I have just realised I started this thread in the wrong place. Sorry guys. Am off to the Liverpool game now. Couple of drinks before and time away from kids.

Annie x

[deeb66]

Thank you again. I have just realised I started this thread in the wrong place. Sorry guys. Am off to the Liverpool game now. Couple of drinks before and time away from kids.

Annie x

I have moved this thread into this section for you Annie.

Hope you enjoy the Liverpool game!

[crazybones]

I have moved this thread into this section for you Annie.

Hope you enjoy the Liverpool game!

Thank you Dee and I certainly did enjoy the game we won for a change.

Annie x:clapping:

[Lincsminder]

I have put through the whole cost of my new lap top. I asked a friend about this because she does accounts and was told to do it this way, unless I was going to earn lots of money and I had made a really big purchase which I could then spead over a few years to keep my profit down.

[Sandie]

I brought a people carrier and a new computer last year especially for childminding.

If I hadn't been childminding I would not have purchased these items.

Put them both against my tax I also put 2/3 of the running costs for people carrier against my tax. All went through with no problems

Hope this helps

~Sandie~

[deeb66]

Thank you Dee and I certainly did enjoy the game we won for a change.

Annie x:clapping:

Glad you enjoyed yourself.

Well done Liverpool!!!

[ajs]

I brought a people carrier and a new computer last year especially for childminding.

If I hadn't been childminding I would not have purchased these items.

Put them both against my tax I also put 2/3 of the running costs for people carrier against my tax. All went through with no problems

Hope this helps

~Sandie~


i bought a mpv too but i put 40p a mile in as ultimately i get more for it that way than the purchase price if you know what i mean