Recent content by cjcass

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    How to record benefits from flat rate VAT scheme

    many thanks.
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    How to record benefits from flat rate VAT scheme

    Hi, How do I record/account for the benefit gained from a flat rate vat scheme. Using an example of sales of £1,000 I recover £1,200 from the client and pay £140 (14%) to HMRC. Do I record the sales figure throughout my accounts and all returns to HMRC as £1,060?
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    Depreciation calculation for reducing corporation tax

    just to confirm - is it the first or second option that is correct?
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    Depreciation calculation for reducing corporation tax

    ok, thanks. on reading the notes that HMRC provide and the comments on here, it would appear that the relevant option in my case is using WDA. In this case my submission currently looks like this: Written down value of main pool brought forward = £1,500 (this figure is what I have left to...
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    Depreciation calculation for reducing corporation tax

    to confirm... when I say that I have 'calculated the depreciation as an expense in 2016-17', I mean that I currently have them sat in 'Depreciation and other amounts written off assets' in my P&L submission to HMRC (not yet submitted).
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    Depreciation calculation for reducing corporation tax

    Hi, Thanks for all your input, here is some more information to complete the picture and make it easier to determine what I should do. The items were purchased specifically for the business between 2012-15 during a lengthy business development & setup (pre-trading). The business got it's first...
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    Depreciation calculation for reducing corporation tax

    Thanks re. the VAT info. I've been wading through the HMRC info and nowhere can I find an example calculation that's applicable to my situation - can you shed any light on how I would calculate the capital allowances in my case?
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    Depreciation calculation for reducing corporation tax

    further info... I'm on a flat rate VAT scheme, does this prevent me being able to claim 'capital allowances' off my corporation tax from my fixed assets, or is that a separate matter?
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    Depreciation calculation for reducing corporation tax

    help on this query from anyone on here would be much appreciated
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    Depreciation calculation for reducing corporation tax

    I've spent many hours wading through HMRC pages already to no avail, can you advise what the calculation would be?
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    Depreciation calculation for reducing corporation tax

    there are 6 items ranging from £350 to £670
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    Depreciation calculation for reducing corporation tax

    thanks for your response how would that work, what would the calculation be?
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    Depreciation calculation for reducing corporation tax

    Hi, As part of a Ltd company startup I have purchased office equipment (PC's, laptops, desks etc.) totaling £3,000 and am depreciating all items over 5 years. The items weren't purchased all in the same year so the annual depreciation in my P&L accounts will differ. I am now going through my tax...
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    Balance Sheet Query

    Hi, thanks for the detail. one question - should the following; Bank ....................6,500 be, Bank ....................16,500 ? Rgds,
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    Balance Sheet Query

    re. the salary HMRC advised that it could reconcile back to 2016/17 (unless I misinterpreted that). I have already physically paid myself the £10,000 from the Director's loan from the revenue. I don't follow your figures above in terms of the balance sheet headers, I'm obviously missing...
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