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Wear and Tear
I am just filling out my first online tax return - . It seems fairly straight forward. However, I understand that I can claim for 10% of my income as an expense for wear and tear. Where do I put this? At a guess I would say under the heading other allowable expenses? Any help greatly appreciated xx
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Originally Posted by
Antics
I am just filling out my first online tax return -
. It seems fairly straight forward. However, I understand that I can claim for 10% of my income as an expense for wear and tear. Where do I put this? At a guess I would say under the heading other allowable expenses? Any help greatly appreciated xx
You need to add this in as part of your own accounts, as part of your total expenses. If you use the Pacey accounts book it shows you:
Expenses = wear and tear + total expenditure
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Thank you for your reply. I have done that. However on the HMRC website it splits your expenses into sections. So where would I put the 10% amount. I guess I have two options 1) Other allowable expenditure or 2) Repairs and renewals - although I haven't actually repaired anything if you see what I mean, so can't provide a receipt if they wanted one.
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You are doing the long return and unless you are doing Capital Depreciation you can do the short one of income and expenditure as two figures.
If you keep going with the one you are doing it will come up with a box for wear and tear
Debbie
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Originally Posted by
Chatterbox Childcare
You are doing the long return and unless you are doing Capital Depreciation you can do the short one of income and expenditure as two figures.
If you keep going with the one you are doing it will come up with a box for wear and tear
Okay, now I am confused. I am not doing Capital Depreciation and I have not seen a option for a short or long return. I think I will go back through it again tomorrow. Maybe I have done someting wrong at the beginning. Thank you for your reply x
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I just did the following:
wear and tear = 10% of total income (all invoices added up)
Net income = wear & tear minus all other expenditure
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Originally Posted by
Rick
I just did the following:
wear and tear = 10% of total income (all invoices added up)
Net income = wear & tear minus all other expenditure
Rick to you mean net income less wear and tear and all other expenses? That is what it should be. I am readying yours to say wear and tear minus all other expenses which is incorrect.
Just clarifying for any new childminders as it is confusing
Debbie
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Originally Posted by
Chatterbox Childcare
Rick to you mean net income less wear and tear and all other expenses? That is what it should be. I am readying yours to say wear and tear minus all other expenses which is incorrect.
Just clarifying for any new childminders as it is confusing
Thankyou....thought hard about it and still wrote it wrong
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