Help needed re depreciation please!
moz009
Registered Posts: 6 New contributor 🐸
I apologise if I am posting in the wrong forum but I thought full members might be able to help me!
I have a friend who set up a business last year as a Sole Trader. Due to personal circumstances the business has now stopped trading. I am in my Technician year of AAT and am giving them some help with the accounts (or at least trying to!)
As it all happened within the same accounting and tax year, how is depreciation worked out? Or is it totally ignored as the business was trading for less than a year?
Any help would be much appreciated :001_smile:
I have a friend who set up a business last year as a Sole Trader. Due to personal circumstances the business has now stopped trading. I am in my Technician year of AAT and am giving them some help with the accounts (or at least trying to!)
As it all happened within the same accounting and tax year, how is depreciation worked out? Or is it totally ignored as the business was trading for less than a year?
Any help would be much appreciated :001_smile:
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Comments
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Would it really matter if you ignored the depreciation as this is disallowed at the Tax Return stage anyway?0
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Hi
I agree with TC if it's a small sole trader then I would not bother, just make sure that you have got the open market values correct for CA's
Poodle0 -
Thanks very much for the replies.
I'll just ignore it then!.......0
