Self Assessment UK
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- smellvetica
Has anyone done this recently?
Where do you add computer equipment purchased?
- Ell0
its come under your capital expenses. it's tricky to work out. say your mac cost £1000 you can claim a proportion of that (25% i think) as an expense. You can claim the next 75% over your in your next 2 tax returns.
It's to stop people getting a new computer each year and writing it off against tax
I'm not an expert though so you'd have to read through it!
- smellvetica0
i thought as much - suppose it comes under 'plant machinery'.
;)
cheers!
- 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.
- konspiracy0
Im about to launch a new business soon and am soooo crapping the accounting and self assessment side of things.
i cant even manage my own bank balance and get the bills paid on time at the moment lol.
- rasko40
I thought it was 40% in the first year?
- Ell0
Yes it is 40% sorry
Example
You complete your Tax Return for the year to 5 April 2004. You spend £200 on ladders in May 2003, £600 on lawnmowers in June 2003 and £1,200 on a fax machine in August 2003. Your capital allowance computation for 2003-04 is Cost of fax machine £1,200 First year allowance @ 40% £480 Value carried forward £720 Cost of ladders and mowers £800 (You decide notto claim first year allowance) Writing down allowance @ 25% £200 Value carried forward £600 The pool to carry forward to 2004-05 is £1,320 (£720 + £600). The writing down allowance you can claim for 2004-05 is Value of pool brought forward £1,320 Writing down allowance @ 25% £330 Value of pool carried forward £990 The 25% rate applies if your business operates throughout the year, even if you only bought the item part way through the year. equipment acquired for leasing out. The percentage to be used depends on when the item was bought, and where it is to be used, as follows
- smellvetica0
40% it says in the info..
- smellvetica0
this hurts, the only reason its late is because of the incompetance of this system, it's easier to hack the CIA. lost password - require new pin - 7 days in the post, doesn't turn up, request again.. turns up 2 weeks later. fkers. whay they couldn't email it to me i don' know.
- smellvetica0
this hurts, the only reason its late is because of the incompetance of this system, it's easier to hack the CIA. lost password - require new pin - 7 days in the post, doesn't turn up, request again.. turns up 2 weeks later. fkers. why they couldn't email it to me i don' know.