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Where Taxpayers and Advisers Meet

Cash Basis / Capital Allowances

Phil1744
Posts: 7
Joined: Fri Feb 01, 2019 1:54 pm

Cash Basis / Capital Allowances

Postby Phil1744 » Mon Sep 09, 2019 9:43 am

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

Phil1744
Posts: 7
Joined: Fri Feb 01, 2019 1:54 pm

Re: Cash Basis / Capital Allowances

Postby Phil1744 » Tue Sep 10, 2019 10:27 am

No one knows? :D

pawncob
Posts: 4374
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Cash Basis / Capital Allowances

Postby pawncob » Tue Sep 10, 2019 12:47 pm

https://www.gov.uk/simpler-income-tax-cash-basis/income-and-expenses-under-cash-basis
With a pinch of salt take what I say, but don't exceed your RDA


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