Recent content by Marco66

  1. M

    Entering fixed assets on Sage

    So hyperthetically - If I didn't own this equipment but had purchased the lot from a friend as a job lot with a reciept in 2011 - I could then claim 100% against tax on my 2011-12 return ?
  2. M

    Entering fixed assets on Sage

    Hi again ! I'm adding the assets for 2011-2012 accounts as not run end of year yet. My understanding is that when setting up you can claim 40% on new equipment or have I got this wrong then ! I thought it was an incentive from the HMRC for mew business'. In reference to the equipment I've...
  3. M

    Re-imbursments in SAGE 50 for previous tax year

    Phew - that's a relief as I've done quite a lot of work and just completed. In the early days I used my personal credit card ( to gain Tesco points on purchases !) but these days use the business card for all transactions as keeps things much simpler - hadn't realised just how many purchases I'd...
  4. M

    Re-imbursments in SAGE 50 for previous tax year

    Thanks - thought so. I'm half way through recording all personal purchases for 2011. Entering each as a bank payment, ACCOUNT is my personal account, REF is the reference in my folder (i.e 01/05 for 1st entry in May), N/C for relevant item (i.e material 5000, carriage 5100 etc) - though if...
  5. M

    Entering fixed assets on Sage

    Hi, Having set up in business in 2011 ( as sole trader) I've been using my personal electronic test equipment for the business. I now need to add these to my fixed assets as I understand that I can claim 40% tax relief on these capital equipment in the first year ? As yet I havn't run year...
  6. M

    Re-imbursments in SAGE 50 for previous tax year

    Hi Scalloway, Just occured to me that I never mentioned that I'm actually a sole trader. Does this mean therefore that the directors account doesn't apply ? Should I just name the account ' my account' but still carry out the transactions as mentioned previously ? Thanks
  7. M

    Working from Garage - Tax relief

    Sorry - forgot to mention in original thread - I'm self employed as sole trader.
  8. M

    Working from Garage - Tax relief

    Many thanks for the additional advice - hadn't thought of that. Just one other question. In reference to claiming the relief for heating etc - should I be re-imbursing myself the appropriate percentage direct to my personal account (via DLA) ?
  9. M

    Working from Garage - Tax relief

    Thanks MrAnchovy - much appreciated ! Fully appreciate the implications as to the use of the garage etc.
  10. M

    Working from Garage - Tax relief

    So interms of claiming for use of the garage - any idea on the pecentage to claim based on the amount of rooms ? In terms of Broadband. We've actually cancelled all other services - including phone but kept broadband as a necessity for the business so don't see why it should be unreasonable to...
  11. M

    Working from Garage - Tax relief

    Thanks for your input faraday - doesn't actually answer my question though ?? In reference to claiming for broadband - my accountant informed me I can claim 50% as used for business purposes - same with landline standing charge and some calls as used for business.
  12. M

    Working from Garage - Tax relief

    Thanks Scalloway - I have already seen this but still find it a little unclear. Just wondered if there was a typical value. Based on the house having 5 main rooms I thought it might be a fifth of the cost. Wondered if anyone else had any suggestions based on what they claim. FYI - the garage is...
  13. M

    Working from Garage - Tax relief

    Hi, Working in the service sector I work from home in our converted garage which is now my workshop. Slightly confused over the ratio of bills I can claim for water / elec / rates etc. Our house has 3 beds, 2 rooms downstairs + kitchen. Also a bathroom. Am I right in thinking I claim a 5% of...
  14. M

    Re-imbursments in SAGE 50 for previous tax year

    Thanks Scalloway. Just to clarify - I've changed one of my bank accounts (petty cash 1230) to 'my account'. Am I ok to change this to the directors account and use this for the transaction ?
  15. M

    Re-imbursments in SAGE 50 for previous tax year

    Thank you both for your replies - much appreciated. I forgot to mention that I havn't run year end for 2011-2012 yet if that makes any difference ? Not sure how I'm supposed to adjust the tax return manually either. Also havn't set up a Directors account though I know how to do this. Can I...
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