calculating expenses!?

Discussion in 'General Business Forum' started by bananapringle, Jan 26, 2018.

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  1. bananapringle

    bananapringle UKBF Newcomer Free Member

    21 2
    hi,

    I'm still trying to figure out how to work out my expenses for my assessment. not sure if i should use the simplified method and as a single figure breakdown but anyway

    I have a pay monthly phone contract (£30 month) in which I use it for internet tethering for business use, calls etc. What percentage do I take away/how do i know how much to claim for business aspect/input it into expenses.

    this is really confusing me and this expense part is the only thing left i need to fill in so help is much appreciated!

    additionally could anyone tell me how to calculate the rent part? for example i was working a side job and worked from home various hours in certain months so understand i need to calculate how much that is but again, how much of my rent can i claim/so dont know how to calculate and get a figure that i can input

    thanks again so much
     
    Posted: Jan 26, 2018 By: bananapringle Member since: Dec 27, 2017
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  2. Scalloway

    Scalloway UKBF Legend Free Member

    15,136 3,211
    Do you get a breakdown from your phone service provider? Calculate how much time you use it for business and how much for personal. It only needs to be a fairly rough percentage, not calculated down to the exact minute. Do you want to input it to your accounting software?

    Working from home.

    https://www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home
     
    Posted: Jan 26, 2018 By: Scalloway Member since: Jun 6, 2010
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  3. bananapringle

    bananapringle UKBF Newcomer Free Member

    21 2
    Hi!

    nope no breakdown, just how much my plan is and how many minutes/allowances I get.

    no software involved either. i use it a lot, most of it is for business as i use the internet through it every single time and thats the reason im on such a plan with £30 a month. really unsure what i would need to input
     
    Posted: Jan 26, 2018 By: bananapringle Member since: Dec 27, 2017
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  4. Scalloway

    Scalloway UKBF Legend Free Member

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    You can only make a best guess then. Just think what you do on an average day. How much tethering do you use, how many business phone calls, how many personal texts. For £30 a month it doesn't need to come down to single percentage points but it must be believable.
     
    Posted: Jan 26, 2018 By: Scalloway Member since: Jun 6, 2010
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  5. bananapringle

    bananapringle UKBF Newcomer Free Member

    21 2
    Thanks! Also could you please tell me if I am claiming for website costs but I paid for example £2.99 in tax as part of the sum, do i need to do anything in particular? such as deduct this amount or something like that? is there something i should do?
     
    Posted: Jan 26, 2018 By: bananapringle Member since: Dec 27, 2017
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  6. Scalloway

    Scalloway UKBF Legend Free Member

    15,136 3,211
    You claim what you paid.
     
    Posted: Jan 26, 2018 By: Scalloway Member since: Jun 6, 2010
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  7. Cristina Stan

    Cristina Stan UKBF Newcomer Free Member

    9 0
    There is a method that i apply in personal use, where i split the monthly expenses in 4 category:
    1. Survival: i add here the expenses that i have for rent, bills, food
    2. Education: in this category i add things like courses that i take, events, online subscription
    3. Extra: all the extra expenses that I have during a month, like birthday presents or emergencies
    4. Investments: it's a category that i use for all investments that i make, like products that helps me with my courses for example, like a laptop

    You can update these category to your business, also can add more category, personalize it. As long as you keep a daily track to them, everything will be easier.

    There are programs or apps that will help you keep track also it will calculate itself the percentage of whatever category you choose.

    Just a way of view......:)
     
    Posted: Feb 10, 2018 By: Cristina Stan Member since: Feb 8, 2018
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