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#1 13-08-07 15:30:13

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Cost of sales - tax return

Hi everyone

I'm completing my tax return on-line and I'm not sure if I'm putting these expenses in the right box?  I've bought a new printer and and drawer unit for my desk....all for business purposes.  Should they go in cost of sales?  Are they fully allowable?

Thanks for any help big_smile

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13-08-07 15:30:13

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Re: Cost of sales - tax return



#2 13-08-07 17:48:34

Carl
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Re: Cost of sales - tax return

Hiya

The items which you are referring too are fixed assets and should be put down as Capital Allowances. Basically, they are items that you use in the business that could be sold on afterwards.

Cost of sales are things like books, where you buy books to sell on to pupils. For example, you buy a Highway Code for 99p but sell it at £1.49. Profit works out as 50p.

Be very careful with cost of sales though. You shouldn't claim cost of sales for items that are "on the shelf" only when you sell the item.

Hope this helps. I've got a background in accounts so know a little bit.

Carl

#3 13-08-07 21:42:06

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Re: Cost of sales - tax return

Thanks Carl.  When I asked the lady at the IR (did a course a year or so ago) she told me that really capital allowances should be at least over £100.

Last year I did my self assessment, but it was much simpler as I hadn't been trading the whole year....am seriously thinking about getting somebody to do it for me this year.  its doing my head in!!!

Can anybody recommend an accountant?  Or should I look for somebody local?

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#4 14-08-07 06:48:51

FRANKS
Verified Member
From: WALES
Registered: 05-06-06
Posts: 530

Re: Cost of sales - tax return

NEW GIRL

My BEST ADVICE TO YOU IS GET AN ACCOUNTANT,

THEY ARE WORTH THE ADDED EXPENSE AND OF COURSE ITS TAX DEDUCTABLE.


Try always to be honest in everthing you do.
Be an 'HONEST BUSINESS PERSON'
Gain respect in ever thing you do

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#5 16-08-07 22:21:26

Russ
Verified Member
Registered: 18-07-04
Posts: 939
Website

Re: Cost of sales - tax return

sent yo pm

russ

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