Accounting help 10% wear and tear

[littlegremlins]

I am filing my accounts online and was wondering if I take the 10% wear and tear figure off my income before I enter what I earned or is that figure included in the expenses total box?

Thanks in advance for help on this.

[tamsin]

That comes under expenses :) Income is the total amount of money you received i.e. all the payments from parents, expenses is all your outgoings (which includes wear and tear). That way all the money going in and out is accounted for on your tax return.

[zippy]

I put wear and tear down as an expense

[Kiddleywinks]

Wear and Tear (10%) comes of income first as an expense (W&T), then deduct the rest of your expenses :thumbsup:

[MrAnchovy]

Wear and Tear (10%) comes of income first as an expense (W&T), then deduct the rest of your expenses :thumbsup:

That's a bit confusing - the other replies are correct, you put your total income before taking anything off in the 'income' box and include the 10% in with the rest of your allowable expenses in the 'expenses' box. If you have any expenditure that is not an allowable expense but does qualify for Annual Investment Allowance put that in the appropriate box under 'Capital Allowances' and it will work everything else out for you.

[Kiddleywinks]

Apologies if I've confused anyone :rolleyes:, it's probably the way I explained it

I have my income at the top of my spreadsheet
Then a list of allowable expenses such as Wear and Tear, Phone, household bills, etc, so Wear and Tear is listed as an allowable expense :thumbsup: