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Advise please
Hi to everyone,
I am just going through the registration progress, and I am now just waiting for my crb's to come through. However I am now considering adding a conservatory to my property as a seperate play room. Does anyone now if I could claim tax back on this as it would be used for business purposes, a friend of ours seem to think we could but I was not sure if this would be correct.
Thanks.:thumbsup:
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Re: Advise please
Hi there i think you can only claim if it used for childminding purposes only and not for any personal use.
thats what i was lead to beleive when i had my garage converted into a playroom.
Hope this helps
:)
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Re: Advise please
I am putting 50% of my conservatory through this year - it is solely for business use but it does add to the value of my house and that is relevant too... :D
Originally posted by Berkschick...
I have just looked out my coursework info and this is what it says:-
Capital expenditure covers anything deemed to be an asset to the business, usually something that has a re-sale value. This tends to be larger items such as a computer, printer, cots, pushchairs, etc.
To calculate capital expenses, you need to record
1, What was bought
2, Date and cost of purchase
3, Proportion of business use
4, Any items sold
5, Date and amounts received if sold
Most equipment attracts a first year allowance (FYA).
FYA works like this.
You buy a computer for £500. FYA on this would be £250 and the residual value would be the remaining £250. The following year you can claim a further 25% of the remaining £250 which would be £62.50. The following year you can claim a further 25% of the remaining amount which would be £46.87 and so on until the item is sold or replaced.
FYA are apportioned for private use."
I have copied all that direct from a booklet we got on our tax week when the tax people visited!
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Re: Advise please
:) Thats great, thanks for the info, its much appreciated.
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Re: Advise please
Good luck with your registration
Angel xx
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Re: Advise please
Good luck with your conservatory plans and your registration!
Angela xx