Recent content by StephenJ1979

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    Business mileage accounting

    Thanks for your reply. Yeah, i just use the same debit card for fuel payments from a personal account as 60% of my mileage is for personal use. So, the correct way to show this is against the bank account I make fuel payments for the recorded mileage?
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    Business mileage accounting

    I use Zoho books to do my bookkeeping and record my mileage, however, I'm a little confused as to how it records this, or how I should be recording it. I have it recorded one of 2 ways 1. It shows the business miles as PAID THROUGH "bank account" which I have 2. It shows the business miles as...
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    How to account for assets on balance sheet

    Apologies, business name I use/trading as name.
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    How to account for assets on balance sheet

    I'm just wondering, these items transferred from personal use (I assume I would do an invoice from myself to the company name I use) Do they then become deductible from my total sales at the end of the year to calculate the profit/loss as well as appearing on the balance sheet as fixed assets...
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    How to account for assets on balance sheet

    Would I still account for them as below? Debit: computer/business equipment Credit: Capital introduced
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    How to account for assets on balance sheet

    So do I simply estimate the value of the items? How do I actually introduce it on balance sheet as some of the items were purchased in 2019 with cash and I have no receipts?
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    How to account for assets on balance sheet

    Thank you for your reply. I previously owned gaming tables that I hire out. Some were bought at auctiion/some cash 2nd hand, but no receipts - do they qualify as fixed assets or would they go on a balance sheet?
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    How to account for assets on balance sheet

    Does it matter that the computer was purchased in the previous tax year?
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    How to account for assets on balance sheet

    Hi everyone, I started a business in 2021, bought a computer and various assets. It's more of a hobby actually but now generates good income. I also owned some of the equipment (I don't have receipts) that I use in the business and had done for a few years. I didn't earn over 1k in the first...
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