General question

[auntym]

Can i just ask what you all consider to be ur percentage expenses?

EG: do you take off your 10% wear and tear, then whatever left is your percentage expense
or do you include your 10% wear tear in your % expenses

to simplify eg you earn £20000 wear and tear is 2000 say 8000 is expenses do you consider ur expenses to be 44% after the wear and tear or do you just lump it together and say ur expenses are 50%

hope this makes sense lol. i was just looking at mine and after wear and tear its 53% expenses but if i include wear and tear in that figure it makes it 58% - so it makes a big difference

[Chatterbox Childcare]

Sorry but I am not sure what you are trying to work out

You take off 10% of your income (nothing to do with expenses)

If you had an income of £20000 you are correct in that £2000 is wear and tear giving you a profit before expenses of £18000. You then work out your expenses and this comes off of this figure and that is your profit

Hope that helps

[auntym]

yh sorry debbie i knew it may not read right, just wondering if the wear and tear we deduct is classed in whole as part of our expenses or whether as wear and tear is a given its not quite classed as an expense - does that make more sense???

[sarah707]

total income =

- 10% wear and tear =

- percentages off bills depending on how many hours I have worked =

- any other expenses I have receipts for (or no receipt for under £10) = my total for tax return.

Hth :D

[Chatterbox Childcare]

In the return there may be a section for wear and tear so put it in there and the expenses separately but if not lump them together.

Sorry I do the long return so am unsure to the shorter one.

[auntym]

is the long return one u fill in over £30000 or is it higher now debbie? and is it far more complicated eg: do u have to list seperatley

[Chatterbox Childcare]

No it is highly now, at least double, but because I have done it in the past need to again now. yes it is all listed separately - fun fun fun:D

[auntym]

oh god u gotta do it all the time now?? what a pain - that calls for double the wine ;)

[MrAnchovy]

The 10% allowance for wear and tear is part of your expenses.

auntym why are you interested in the overall percentage, however you calculate it?

Debbie, you don't have to fill in the full SE return (SA103F) just because you did last year, but there may be some other reason you have been advised to? In any case, if your turnover is less than £70,000 the same option is available as on the short SE return to lump all your expenses together in the "Total" box (this may not be obvious on the online version of the form, but it says it at the top of the expenses column on the paper version and is detailed in the notes).

[auntym]

I was discussing expenses the other day and another minder advised its not classed as expenses just a flat expected cost if you get me - but iv always considered it part of my overall expenses - sorry it wasnt the percentage i was meaning it was do you class it as overall expenses or different

[auntym]

Also mr a - please can u advise me - do u offer accountancy services :) iv done all you advised in ur helpful email and up do date to this very week :clapping: but really think i would be better having someone check though if you could inbox me - or are you to far afield ? many thanks