Accounts & Tax Return Help

supermonkey

Savvy_Sue wrote: »

I do hope you're doing research other than on this thread! And THAT'S why people are suggesting that you use an accountant: they have this knowledge at their fingertips, they know where to look it up if they don't know it.

I'm not an accountant, and I no longer run my own business. Once I'd seen what my accountant was doing with my returns, I felt happy enough to do it myself, but I was glad of the security of having seen him do it a couple of times first. But I really WAS running a VERY simple business!

Trust me, mine is simple!

supermonkey

Thought I should update this thread. I have now discussed matters with a local accountant who whilst helpful has confirmed himself that it would not be worth my while to use his services.

We also had an interesting discussion regarding capital allowances so I thought I would update my findings as this was never really resolved in this thread.
You can choose to defer capital allowances but then can only claim £200 (20%) writing down allowance when you do actually claim it. However if the value of the "pool" (all non long life is
£1000 or less at the start of the return period then the entire value can be claimed as "small pool write-off" - this claim would be entererd in box 23.