Self Assessment UK
Self Assessment UK
Out of context: Reply #3
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- toulouz0
hehe..your late, cud be £100 fine and def interest added to outstanding tax owed.
i did mine last thursday in the nick of time.
in your P & L account you deduct depreciation on added assets. so if you got a new £1000 item you deduct £200. this is added up with all your expenses like vehicle running, rent, phone, insurancee, etc and deducted from your gross profits to give net profits
then you have to calculate your taxable profits by addinng back the depreciation and deducting the capital allowance of the asset. which in the £1000 example would be £250
good luck,
as stated above this is 25% in 1st year.