Expenses from past

[charlieamber]

Hi.

I wonder if this may have cropped up before. When I decided back in April to get back into childminding, I started buying equipment ( car seats, buggies, highchairs etc) and replacing all the toys and books I gave away 3 years ago when I gave up minding ( see being a horder isn't always a bad thing!!!)

My question, is starting Monday will be doing my books as I will have a 18 month old and a 2 year old starting. Can I put all the above expenses into my accounts? Have all the reciepts, either paper or on emails, and adding them up I think I will need to work 6 months before I make any money LOL

Jackie

[MrAnchovy]

Yes, anything you have bought exclusively for your business you can claim. If there are big items that will last for more than a couple of years (e.g. a laptop, outdoor play equipment) you cannot claim these as expenses, instead you calim Annual Investment Allowance which has the same effect on your tax bill. If you do have significant expenditure that falls into this category and you are not going to make £7,500 profit by the end of March get an accountant.

[charlieamber]

HI, Thanks for your reply.

No nothing was brought like laptops etc, its mainly baby equipment and toys. So do I just add them all up and put them down as one expense on week one, or do I have to list each one!

Jackie

[winstonian]

I made a detailed list and put all the receipts in an envelope and the logged the total in my accounts book as setting up costs. If ever its queried I have a list and all the receipts etc to show

[charlieamber]

I made a detailed list and put all the receipts in an envelope and the logged the total in my accounts book as setting up costs. If ever its queried I have a list and all the receipts etc to show

Thanks for reply.

Most of my reciepts are all from online buys, so have emails for them, would you each email out to be put in envelope? Looking back at them there are a few that I must of deleted, like a new trampoline ( because my DO said I need to replace cushion and as my one was a weird size it worked out cheaper at time to buy a new one lol and a single buggy and car seat!!!!!!:angry: )

[winstonian]

I printed them all out but actually now I think about it, it would probably have been easier to save them all in a file on my computer - cut down on time and printing costs.

[charlieamber]

I printed them all out but actually now I think about it, it would probably have been easier to save them all in a file on my computer - cut down on time and printing costs.

What I might do with the online receipts is download them onto a cd, so I can keep them with any more receipts I get. That way if my laptop decides to stop working, I wont have a problem LOL

Thanks everyone for your help, now I knew this was the best place to ask:thumbsup:

[Demonjill]

Hi

Your trampoline would go through as an annual investment allowance and possibly a buggy i would have thought!

Im sure thats what Mr A means as these things will last a while..or should

[charlieamber]

So I guess the car seat will also go through as Annual Investment Allowance then. But how do I do that bit? LOL

[MrAnchovy]

I printed them all out but actually now I think about it, it would probably have been easier to save them all in a file on my computer - cut down on time and printing costs.

If you go down that route you have to start thinking about secure off-site backup and/or digital archiving because HMRC will not accept 'my computer broke' or 'I accidentally deleted the files' as an excuse.

[MrAnchovy]

So I guess the car seat will also go through as Annual Investment Allowance then. But how do I do that bit? LOL

Unless it is more expensive than any car seat I have ever bought, it would probably be OK to put it through as an expense. Same for a buggy. There is no exact limit for how much you can put through: less than £100 you are likely to be OK, over £250 you are likely to have it disallowed if inspected.

Claiming AIA is easy - it just goes in a different box from your other expenses (Box 22 on the 2010/11 SA103S short return).

[charlieamber]

Unless it is more expensive than any car seat I have ever bought, it would probably be OK to put it through as an expense. Same for a buggy. There is no exact limit for how much you can put through: less than £100 you are likely to be OK, over £250 you are likely to have it disallowed if inspected.

Claiming AIA is easy - it just goes in a different box from your other expenses (Box 22 on the 2010/11 SA103S short return).

Thanks for this, all my purchases have all been under £100, even the 10 foot trampoline ( was only £99 LOL), car seat was new but got it in sale for £36, and both buggies were second hand, both cost just over £50 together.

Am going to start doing my start up cost list this week ( being first week of minding dont want to get behind on books!!!!) Thanks for your help