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#1 29-12-07 23:17:00

jessicab
Member
Registered: 29-12-07
Posts: 1

First Year Accounts

Hi Folks smile

I am drawing up my dads accounts for his first (partial) year of being an ADI. I have an accounts background but from a large company perspective rather than small businesses - so would you be so kind as to tell me if I have missed anything obvious from the below expenses to deduct:

car franchise lease fees
fuel
mobile phone
an allowance for home expenses
a proportion of ISP costs
DSA registration fees
car washes
the odd bit of stationery/new tyre here and there

I dont think I have missed anything but it can't hurt to ask I hope.


initial training fees - debatable my research shows hmm. To the letter of the law it seems to be a no although people seem to be getting by including them.


Many thanks for your time.

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29-12-07 23:17:00

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Re: First Year Accounts




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#2 30-12-07 09:26:22

keefidee
Verified Member
From: south east wales
Registered: 25-11-06
Posts: 510
Website

Re: First Year Accounts

Provisions for PC or Laptop and any ancillary equipment that is used for the profession. Any logo'd workwear ? Is postage included in your stationery?

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#3 30-12-07 21:58:48

Disky
Verified Member
From: Central Scotland
Registered: 10-03-05
Posts: 1,333
Website

Re: First Year Accounts

i too got my first one coming up this april, i called them and they were great, very good advice and it was free.

I asked about laptop that i bought 18 months ago, was told as it was £800 i could claim 50% of this in the first year, then 25% in second etc

I also asked about my PDA/Sat nav, as it was less that £400 there would be no write down value and anything under £400 would be fully deducable as long as it was for business use.

Ray

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#4 15-08-08 15:25:04

Bully306
Verified Member
From: Lancs
Registered: 11-10-05
Posts: 205

Re: First Year Accounts

AHHHHHHH! Just going through mine now and have hit a bit of a brick wall when it's come to "Allowances"

Where does the car itself go?? Can it be a 1st year allowance as it's for work or do you stick it in the 25% Yearly allowance bracket??

Also what else can you include in Allowances?

Cheers in advance.


What? Wahey!......Gerroffff!

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#5 15-08-08 18:47:24

kaf
Verified Member
From: Wiltshire
Registered: 05-08-07
Posts: 3,324
Website

Re: First Year Accounts

Why not use an accountant and save the bother.

I use Tax Buddies, cost is less than £200.

The choice of how to claim the capital allowances can be quite complicated. Whilst it appears simple on the surface, the issue of what happens when you replace the car means that there may be benefit in delaying  the claim.

Incidentally the write down allowance on cars will reduce to 20% next year and to claim the 100% the car will have to emit less than 110 g Co2/l, not many of those around.

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#6 17-08-08 09:20:26

timmanwaringadi
Verified Member
From: Devon
Registered: 29-08-06
Posts: 2,406
Website

Re: First Year Accounts

Or get the tax office to sort it out for you - free, takes about 45 minutes (£200 or 45 minutes - that was an easy choice when I made that one!).

In regard to training fees, unless you ran a related business before training (i.e: the training was cpd rather than a change of career) then you cannot claim for training and in the event of the revenoo looking into it you'll get slapped wrists.

Also beware that if the car is used for private use you will need to record the work/personal mileages and let them know. One is a benefit, the other an expense.

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#7 17-08-08 14:09:53

hector
Verified Member
From: Manchester
Registered: 04-04-06
Posts: 2,097
Website

Re: First Year Accounts

Make the car simple 40p a mile is the way many instructors now do it. As for training expenses before starting YES they may be claimed, as my accountant puts it 'They can only say no!'

If you put a claim in and the revenue agree it its fine, they cant change their minds! I would a few things to the list above such as clothing allowance, vehicle  servicing,vehicle insurance, Public and profesional liability insurance or DIA cover etc, vehicle depreciation, general depreciation.


EXCELSIOR TRAINING 
James Dawson Grade 6 ADI (Ordit Registered) Ba (Hons) Driver Education
ADI qualification/Check test training/Excelsior DSA Ordit/fleet courses
Johnny boy United 20 its coming son

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#8 18-08-08 21:52:11

golfball13
Verified Member
From: Chelmsford, Brentwood, Essex
Registered: 22-08-07
Posts: 244
Website

Re: First Year Accounts

I've done 2 years of tax returns so far, and after speaking to several people, I decided not to claim for training costs (although I claimed for the interest of the career loan).
After speaking to the tax man, I was told that they could go back 7 (?) years if they feel the need, and training for a new skill is not covered. I didn't fancy the risk.

Also the 40p/mile method, I looked into it and tried it for a year alongside the normal way, but I found it to work out at less.
Remember it's only 40p/mile for the first 10,000 miles, after that it's 25p/mile.

Next year I'm planning on buying a car, instead of leasing, didn't realise they're changing it to 20% per year  sad

Tax, don't you just love it!

Rob


RPL Driving
Driving lessons in Chelmsford, Brentwood, Billericay and other areas of Essex

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#9 19-08-08 19:28:49

kaf
Verified Member
From: Wiltshire
Registered: 05-08-07
Posts: 3,324
Website

Re: First Year Accounts

40/25p per mile used to be a good deal, then prices of fuel etc went way up and the rate didn't change. Now not always such a good deal.

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