Best Of
Asset write off when full AIA claimed
I wonder if anyone can advise me, as I don't want to be claiming tax twice on an asset that has been written off for a sole trader.
The asset was afforded full AIA upon purchase of £3,500. Over the last 3 years has accumulated depreciation of £1,708 and has a value of £1,792 left in the accounts.
The asset was damaged and discarded during year 4, and therefore now has no value.
In essence he has lost something, but I don't want to affect his figures in the P & L, where he gets a tax allowance for something that has already been claimed under AIA. If I did put a DR (loss on disposal) in the P & L for the £1,792, I have assumed that I can't put a balancing charge on the SA100 because there was no value left, to counteract to make the tax saving nil.
Many thanks in advance.
The asset was afforded full AIA upon purchase of £3,500. Over the last 3 years has accumulated depreciation of £1,708 and has a value of £1,792 left in the accounts.
The asset was damaged and discarded during year 4, and therefore now has no value.
In essence he has lost something, but I don't want to affect his figures in the P & L, where he gets a tax allowance for something that has already been claimed under AIA. If I did put a DR (loss on disposal) in the P & L for the £1,792, I have assumed that I can't put a balancing charge on the SA100 because there was no value left, to counteract to make the tax saving nil.
Many thanks in advance.
Re: Changing vehicles and how to claim motor expenses
Hi
Yes, I have been purchasing the vehicles outright with no loans or credit agreements.
Sorry, my mistake about preparing accounts by the cash basis. It is indeed by Accruals basis. Checking my accounts done by Accountants from 5 years ago it was indeed Accruals. I have not been taking a capital allowance and have been allowing for depreciation. I have just followed the same principle as the accounts prepared by previous accountants for around 6 years.
The expenses I was thinking about are things like postage, stationery, CPD and subscriptions.
Yes, I have been purchasing the vehicles outright with no loans or credit agreements.
Sorry, my mistake about preparing accounts by the cash basis. It is indeed by Accruals basis. Checking my accounts done by Accountants from 5 years ago it was indeed Accruals. I have not been taking a capital allowance and have been allowing for depreciation. I have just followed the same principle as the accounts prepared by previous accountants for around 6 years.
The expenses I was thinking about are things like postage, stationery, CPD and subscriptions.
Re: Results 11.01.2019
Just checked my emails and I have the same thanks. Oh well checking every 3 minutes it is then (I hope I'm not at this all weekend!) Good luck!
Re: AAT TO ATT-CTA
Also, why tag your question onto an, almost, 2 year old thread ???
Re: What is your current salary and benefits?
Yes, you are being underpaid without a doubt. Do some bench marking and call a meeting to discuss this. I am half way through level 4 and on £25k in Bristol plus I get my course and exams paid for so a total package around £27k.
Best of Luck
Best of Luck
Re: VAT rounding down-but it doesn't' work?!
Hi,
Yes, Its £845.856 rounded down is £845.86.
Yes, Its £845.856 rounded down is £845.86.
Failed Level 4 Synoptic Again!!
I received my results this morning for this horrific Synoptic exam! This was my 3rd attempt, 65% 65% 67% and my only remaining unit. I have passed every unit successfully since level 2 so what on earth am I doing wrong. I left this last exam feeling a little more confident as I had related my questions to the pre release material as often as I could and I had not done this in the other 2 attempts, the only question I knew I had failed on was task 2. I have no idea on how to answer these questions to obtain the marks, I answer them in the way the practice assessments advise you to do, as I did in each module where I passed successfully.
I have this morning booked on to the next exam which is this Friday 5th October, I have not practiced yet though, for the other attempts I was giving 4/5 hours each evening, 2 weeks prior and it hasn't gotten me anywhere. I think the problem here is the practice assessments, they are sending us in the wrong direction, the only way I can describe this is learning to drive in an automatic car then being asked to take your test in a manual.
I complained to AAT just after taking this exam and they just responded with 'the questions are as the practice' but they are not!
The questions might be but the required answers are not!
Can someone please give me some help and advice for this Friday and help me get on with my life.
Thank you all.
I have this morning booked on to the next exam which is this Friday 5th October, I have not practiced yet though, for the other attempts I was giving 4/5 hours each evening, 2 weeks prior and it hasn't gotten me anywhere. I think the problem here is the practice assessments, they are sending us in the wrong direction, the only way I can describe this is learning to drive in an automatic car then being asked to take your test in a manual.
I complained to AAT just after taking this exam and they just responded with 'the questions are as the practice' but they are not!
The questions might be but the required answers are not!
Can someone please give me some help and advice for this Friday and help me get on with my life.
Thank you all.
Re: AQ2016 Grading system
It's all come through now. Thank you! It's confirmed now it's a distinction.
