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Where Taxpayers and Advisers Meet

Search found 7 matches

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by Phil1744
Tue Sep 10, 2019 10:27 am
Forum: Income Tax
Topic: Cash Basis / Capital Allowances
Replies: 2
Views: 159

Re: Cash Basis / Capital Allowances

No one knows? :D
by Phil1744
Mon Sep 09, 2019 9:43 am
Forum: Income Tax
Topic: Cash Basis / Capital Allowances
Replies: 2
Views: 159

Cash Basis / Capital Allowances

Hi all,

If using Cash Basis accounting, do you record a van purchase as a capital allowance, or just normal expense? And same for tools?

And do you include finance/interest payments?

Many thanks in advance
by Phil1744
Fri Feb 08, 2019 10:00 am
Forum: Income Tax
Topic: Cash Basis accounting question
Replies: 4
Views: 404

Re: Cash Basis accounting question

So I would put through the full net amount even though I havent actually paid that money out yet?
by Phil1744
Mon Feb 04, 2019 4:34 pm
Forum: Income Tax
Topic: Cash Basis accounting question
Replies: 4
Views: 404

Re: Cash Basis accounting question

Thanks ever so much

So do i put the whole net amount through in one go? Even though theres family loan / vehicle finance involved?

And then put the vehicle finance interest through each month?
by Phil1744
Sat Feb 02, 2019 10:02 am
Forum: Income Tax
Topic: Cash Basis accounting question
Replies: 4
Views: 404

Cash Basis accounting question

Hi all, I'm struggling to find a clear answer on this; I use cash basis accounting as I'm a sole trader, and earn a relatively low income and the business is fairly new. I'm about to buy a new van. Does the total van value go through in one go? A business expense?? Also, its made up from, my money, ...
by Phil1744
Fri Feb 01, 2019 3:04 pm
Forum: General
Topic: New vehicle for business
Replies: 2
Views: 902

Re: New vehicle for business

Thanks so much for your reply!

Unfortunately I am cash accounting at the moment. The business is relatively new and very small so this seemed an easier way to go about it.
by Phil1744
Fri Feb 01, 2019 2:05 pm
Forum: General
Topic: New vehicle for business
Replies: 2
Views: 902

New vehicle for business

Hi there, I hope someone can help, as my head is about to explode from information overload. I'm a self employed sole trader, and I'm about to purchase a new van. But the money is made up from different 'forms', so; Some is gifted money Some is a loan from a family member, interest free. And some is...

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