Wear and Tear

[NikNak]

Please could somebody help me? I am using the ncma accounts books and have just realised I have been using ther same figure for the wear and tear expenditure.

Am I right in thinking wear and tear is 10% of your weekly income. If so, I earn £300 a week at moment so does that mean I can deduct £60 per week in my weekly expenditure and allowable expenses? It sounds like alot to me!

Thanks.x

[Jinx]

10% of £300 is £30!

The Wear and tear 10% comes off at the end of the accounting year. Turn to the final page at the back of the book.

Hope this helps

Jinx x

[sarah707]

Yes, Jinx is right... just keep a total of everything you earn and next April take 10% off!

[NikNak]

Oh my goodness I have done it all wrong! I didnt notice the bit at the back. I have worked out and deducted 10% wear and tear for each week so that means my figures will all be wrong doesnt it!?

What shall I do??????????????????????????????????

Also do i have to fill in the record of payment bit at the back? Whats that for how does it help with the self assesment tax form?

Feel really stressed about it all and confused. x

[bubbly]

^ I forgot to fill in the record of payment at the back too but luckily I keep a separate receipt book so I'm covered, phew!

[NikNak]

Oh goodness I dont know what to do. Shall I go back and re do all my weekly expenditure and monthly accounts. Because the expenditure figure will be wrong wont it. Heeeeeelp!!!!!!!!!!!!!!!!!!!!!!

[sarah707]

Don't panic NikNak... the figures will still be right so long as you've calculated the 10% right, it's just the annual way of doing it is sooo much easier!

I would just start as you mean to go on from now.

[Jinx]

Sorry babe, don't know what to suggest. It's my first year doing this too. I'm lucky that my dad's a retired accountant so it's kinda in the blood!!!
I'm sure you wont be the only person who's done it this way, I'd have thought the final figure will be the same, wont it?
Hopefully someone who has done it all before will be along soon and be able to help.

Jinx x

[bubbly]

I'd just go back through & ensure you've calculated the 10% correctly because surely, as Sarah says, the figures will still be right if the 10% is correct.

[Alibali]

I put my wear and tear through weekly and it's been fine. No probs, and even if you have calculated the percentages wrong you can still rectify at the back of book. Add in what you have deducted, the work out your 10% Good luck.

Ali x