Pacey accounts book

[Tulip]

Can anyone help please.
For car expenses the 0.45p per mile - do I record this weekly under travel/outings or is it something I add when its time to send my accounts through.
I ask because I have also read about the capital deprecation and keeping a record of that and 0.45p per mile and deciding which is the best to use when you have all the figures for the year in front of yourself and then deciding.
I need to start recording items in my accounts book and am worried about getting behind with it all.
Hope that makes sense :)
Thanks.

[moggy]

It does not matter how you enter it in the Pacey book, as long as you are consistent and do not record anything twice.

I keep a mileage record sheet in my car and transfer the total across each month into an extra column I have drawn in the Annual Accounts page near the end of the Pacey book. (I have divided the Travel/Outings column in two and written Car at the top of one half)

(Actually, I am using an old NCMA Accounts book but it is probably the same inside.)

[rickysmiths]

Are you saying you want to see at the end of this tax year which is most advantageous? The Depreciation route or the 45p per mile route?

if that is the case then I would add it into your Accounts book keep a spread sheet and record car expenses via mileage and then just add the total of which ever you do to your expenses at the end of the year and staple a copy of your spread sheet into your accounts book.

Do be aware though that if you go the depreciation route you have to keep using it until you get rid of the car you are using. You can't chop and change year on year to the method that is best.

[Tulip]

Thanks moggy and rickysmiths.
I am undecided about mileage or depreciation as yet. I have only just started childminding so not using my car a lot and even if I get very busy I don't think my mileage will be a lot. My car is a good few years old ( I love her ) so expect car costs etc might work out better for me. Although I expect to be recording everything (maybe seperatly on a spreadsheet) I just worry I should be putting something in the pacey book but if I understand right I can add it at the end of the tax year before submitting.

[rickysmiths]

Thanks moggy and rickysmiths.
I am undecided about mileage or depreciation as yet. I have only just started childminding so not using my car a lot and even if I get very busy I don't think my mileage will be a lot. My car is a good few years old ( I love her ) so expect car costs etc might work out better for me. Although I expect to be recording everything (maybe seperatly on a spreadsheet) I just worry I should be putting something in the pacey book but if I understand right I can add it at the end of the tax year before submitting.

The Accounts book is for your records and to record the information you need by the end of the tax year to fill in a file your tax return. You then keep the accounts book for your records it doesn't go anywhere. That is why I suggested you keep a spread sheet of mileage against car costs. Then add which ever to your expenses at the end of the year.

You need to remember when working out you car costs that you add up all the costs and take off the % you use for family use and only claim for childminding use, you can't just claim the whole amount.

[Tulip]

Ok, thanks Rickysmiths :)