Am I over complicating...simplified expenses........
Paul C
Registered Posts: 193 Dedicated contributor 🦉
After focusing on lots of 12/13 work I find myself a bit confused by some of the HMRC guidance on the new simplified expenses for 13/14. In short are those sole traders who don't use the cash basis still able to claim 45p per mile to keep things simple?
HMRC March tech note says ref' simplified expenses- "they are entirely optional for those using the cash basis and for those outside the cash basis."
Does this mean that simplified expenses (business mileage 45p, home use) can still be used if not doing the cash basis? Also use of home seems to start at 25 hours per month, a bit harder to justify for some.
Thoughts appreciated.
HMRC March tech note says ref' simplified expenses- "they are entirely optional for those using the cash basis and for those outside the cash basis."
Does this mean that simplified expenses (business mileage 45p, home use) can still be used if not doing the cash basis? Also use of home seems to start at 25 hours per month, a bit harder to justify for some.
Thoughts appreciated.
0
Comments
-
Found what I was looking for -
"Businesses that do not elect to use the cash basis will have the option to use any or all of the simplified expenses as they wish."
I can go to bed happy...0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership