Best Of
Re: Changing vehicles and how to claim motor expenses
Hi
Can`t see a problem with claiming those expenses as long they are business related.
Yes you will find that depreciation is allowed for in your end of year accounts however it should then be added back and not appear on the tax return as an expense, instead you should be claiming Capital Allowances and WDA at either 18% or 8% depending on the car.
Can`t see a problem with claiming those expenses as long they are business related.
Yes you will find that depreciation is allowed for in your end of year accounts however it should then be added back and not appear on the tax return as an expense, instead you should be claiming Capital Allowances and WDA at either 18% or 8% depending on the car.
Re: Changing vehicles and how to claim motor expenses
Hi
Where you say you are using the cash basis do you mean that you have been using the actual expenses for your old car and now you have changed cars you wish to use the flat rate for mileage if this is correct then you can claim this from the time the car comes into use (Jan 18) you do not have to wait until the start of a new tax year but once it has been claimed you must stick to it.
Not sure I understand what you mean about the depreciation perhaps you might elaborate some more with a bit more information.
Which method are using to prepare your accounts the cash basis or the accruals basis?
Where you say you are using the cash basis do you mean that you have been using the actual expenses for your old car and now you have changed cars you wish to use the flat rate for mileage if this is correct then you can claim this from the time the car comes into use (Jan 18) you do not have to wait until the start of a new tax year but once it has been claimed you must stick to it.
Not sure I understand what you mean about the depreciation perhaps you might elaborate some more with a bit more information.
Which method are using to prepare your accounts the cash basis or the accruals basis?
Re: Changing vehicles and how to claim motor expenses
Hi
I am basing the following comments on you having bought the cars outright and not part of any terms and agreements.
You still did not clarify what you meant about depreciation, hopefully you have not been allowing for this on your previous returns as you do not get tax relief for depreciation you should have been claiming CA instead.
As for the flat rate mileage the 45p/25p per mile covers all the costs in buying and the upkeep of the vehicle such as fuel, repairs, servicing, insurance and road tax.
The only expenses you may claim for will be for tolls and parking as long as business related.
I am basing the following comments on you having bought the cars outright and not part of any terms and agreements.
You still did not clarify what you meant about depreciation, hopefully you have not been allowing for this on your previous returns as you do not get tax relief for depreciation you should have been claiming CA instead.
As for the flat rate mileage the 45p/25p per mile covers all the costs in buying and the upkeep of the vehicle such as fuel, repairs, servicing, insurance and road tax.
The only expenses you may claim for will be for tolls and parking as long as business related.
Re: Personal Tax (PLTX) FA2018 - Practice assessment 2 - Task 1.11
Hi
2016/17 £10,800 Gain is covered by the AE
2017/18 £14,700 Loss is carried forwards (AE is lost)
2018/2019 £18,800 Gain is reduced by £7,100 of the carried forward loss down to the AE amount, so no CGT to pay which leaves a loss of £7,600 to carry forward to future years
HTH
2016/17 £10,800 Gain is covered by the AE
2017/18 £14,700 Loss is carried forwards (AE is lost)
2018/2019 £18,800 Gain is reduced by £7,100 of the carried forward loss down to the AE amount, so no CGT to pay which leaves a loss of £7,600 to carry forward to future years
HTH
Re: Retaking synoptic exam
Hi @DannyT90
Any exam you will re-take will have different questions / scenarios. The question will be similar but with different figures. There is very slim chance that you will get same exam paper again (like very very slim).
Any exam you will re-take will have different questions / scenarios. The question will be similar but with different figures. There is very slim chance that you will get same exam paper again (like very very slim).
Re: Help, please!Accruals and prepayments
what you need to do is : 516 is for the year 516/12=£43 Per month 3 month are for the current year .
you need the value for adjustment 43x9=£387
the £405 if for the next period
all together the adjustment would be 387+405=792
you need the value for adjustment 43x9=£387
the £405 if for the next period
all together the adjustment would be 387+405=792
Re: Foundation accounting software
Any as long as it proves what you have done, and as long as you have saved it on your desktop when doing the exam as you need to upload it at the end of the assessment.
Re: Can anyone help me with the breakeven volume and sales revenue please??
Hi @karenv 93
Breakeven is fc /cost per unit and be sales you just fc/cost per unit x sales price
Kind Regards
Paula Welsh
Breakeven is fc /cost per unit and be sales you just fc/cost per unit x sales price
Kind Regards
Paula Welsh
