- Original Poster
- #1
Hi
I am doing my first tax return for April 2007 and need to know whether the HMRC can issue a guide for which expenses are allowable as a sole trader and what proportions of the expense are acceptable if you are working from home. I think Joy mentioned in a previous post a long while back that roughly £2 per week is allowable for some expenses. But I need a guide on this. Can anyone tell me where I can get a recent one from?
Also will I be able to claim a FYA on my computer which was bought in April 05 before I started to trade and was introduced into my business in Oct 06 . I understand that the value I use for my computer will not be the purchase price of April 05 as I introduced the computer a year and a half later into the business but can I claim a FYA and will it be time apportioned or not, though I have about 20% private use on it. Please help as I can't afford an accountant just yet.
Finally can I treat my printer as a revenue cost rather than capital and put down the full expense as I use it purely for my business and because it is heavily used the useful life of it is no more than 1 year.
Thank you for all and any help
Neeta
I am doing my first tax return for April 2007 and need to know whether the HMRC can issue a guide for which expenses are allowable as a sole trader and what proportions of the expense are acceptable if you are working from home. I think Joy mentioned in a previous post a long while back that roughly £2 per week is allowable for some expenses. But I need a guide on this. Can anyone tell me where I can get a recent one from?
Also will I be able to claim a FYA on my computer which was bought in April 05 before I started to trade and was introduced into my business in Oct 06 . I understand that the value I use for my computer will not be the purchase price of April 05 as I introduced the computer a year and a half later into the business but can I claim a FYA and will it be time apportioned or not, though I have about 20% private use on it. Please help as I can't afford an accountant just yet.
Finally can I treat my printer as a revenue cost rather than capital and put down the full expense as I use it purely for my business and because it is heavily used the useful life of it is no more than 1 year.
Thank you for all and any help
Neeta
