self assesment - again!

[rmmcpl]

Hello again,

With regards keeping accounts for self assesment, Would a simple spreadsheet with debit in one column and credit in another be acceptable. Also once I have submitted my self assesment online is it likely that Inland revenue would ever want to look over my accounts?

Finally is it ok to include tools, parts and equipment that I purchased in 04/05 before I started the business in these accounts?

Thanks for the help

 

[Alpha]

Firstly a spreadsheet would be acceptable but I would have though an analysed spreadheet would make it easier for you to complete a self assessment return.

Once you have submitted your return online there is always a possibility that they would want to look at your accounts and it can be up to 12 months following the January that they are supposed to be filed by.

Finally it is perfectly permissable to include tools and other items that you purchased before you started up but use in your business. As to whether they are treated as revenue or capital is a different consideration.