expense categories in self assesment

[leegelidi]

helloo!

i am inputting all the expenditure into my self asssesment and i am just wondering

in the car van and travel expenses category it says about petrol car van etc...i use a van petrol buses for me to do my business, my business though also involves flyeing artists from around the world to perform in the uk, does that go in that category or does it go in other?

in the goods for resale category it asks about goods for reselling, i buy goods to hire out and i buy raw materials in order to make decorations which i will hire out, do these go here or do they go in the other category?

thanks alot!:)

[GillespieBS]

Flights costs sound like they should go into travel expenses to me.

If you buy goods to hire out, they sound like capital items to me that you would claim capital allowances for. Your Annual Investment Allowance may allow you to claim 100% for these in the year.

[leegelidi]

The following are teh categories in teh self assesment...which one would capital expenses go in?


Cost of goods bought for resale or goods used:£
Construction industry (payments to subcontractors):£
Wages, salaries, and other staff costs:
Car, van and travel expenses:£
Rent, rates, power and insurance costs:
Repairs and renewals of property and equipment:£
Telephone, fax, stationery and other office costs:
Advertising and business entertainment costs: £
Interest on bank and other loans: £
Bank, credit card and other financial charges:
Irrecoverable debts written off:£
Accountancy, legal and other professional fees: £
Depreciation and loss/profit on sale of assets:
Other business expenses:

:)

[GillespieBS]

When you buy a capital asset, you will depreciate it. This will be disallowable. So you will need to use the "Depreciation" line.

Below this section you will see "Capital Allowances". You can put your capital allowance in here.

However you do need to know the capital allowance rules and at this late stage, probably refer to an accountant.

[leegelidi]

When you buy a capital asset, you will depreciate it. This will be disallowable. So you will need to use the "Depreciation" line.

Below this section you will see "Capital Allowances". You can put your capital allowance in here.

However you do need to know the capital allowance rules and at this late stage, probably refer to an accountant.

below that section is teh otehr business expenses...is that the one you mean?

[GillespieBS]

I was refering to boxes 22 to 25 which relate to capital allowances

[Tej]

30 minutes to go!... if you get on!

[leegelidi]

super thank you!

another thing gifts that you use as thank you what category do you put them in?

[leegelidi]

Flights costs sound like they should go into travel expenses to me.

If you buy goods to hire out, they sound like capital items to me that you would claim capital allowances for. Your Annual Investment Allowance may allow you to claim 100% for these in the year.

hehe sorry for all teh questions...doesnt seem like im gona make it but i mayaswell try and finish it and get it in as soon as...

1)what about the goods that i buy like wood andfabricks in order to make items that i will hire out?

2) drinks and food for artists that perform at the events...?

thanks and sorry again for all teh hassle!:)

[cmcp]

tick tock tick tock :p

[GillespieBS]

You seem to have a lot of expense categories.....yet you spend nothing on an accountant.

[Tej]

You seem to have a lot of expense categories.....yet you spend nothing on an accountant.

He does not need to.. he has all the free help from you guys:)

He probably prefers to pay a fine to HMRC rather than pay an accountant.

Strange thinking....

[leegelidi]

You seem to have a lot of expense categories.....yet you spend nothing on an accountant.

He does not need to.. he has all the free help from you guys:)

He probably prefers to pay a fine to HMRC rather than pay an accountant.

Strange thinking....


hehe:)
i suppose you are accountants?

how much would an accountant charge to do the tax return?

[elainec100@cheapaccounting]

Did you make it?

Remember that the £100 fine is not an allowable expense for tax