'Trade Journals' as Capital Allowance?

pennypincher3562

Hi

Filling out self-assessment here, and I noted that much of much my cost was allocated to paying for access to a business related forum, which is directly related to my self-employment.

I know that trade journals can be regarded as capital allowances, and I regard private business forums as a modern version of the traditional trade journal.

Should I list my forum expenses under 'normal costs' or capital allowances?

Thanks
PennyPincher3562

zygurat789

pennypincher3562 wrote: »

Hi

Filling out self-assessment here, and I noted that much of much my cost was allocated to paying for access to a business related forum, which is directly related to my self-employment.

I know that trade journals can be regarded as capital allowances, and I regards private business forums as a modern version of the traditional trade journal.

Should I list my forum expenses under 'normal costs' or capital allowances?

Thanks
PennyPincher3562

That's novel if it's correct.
All the items above are "normal" revenue items. No need to get complicated with capital allowances classes, basis periods and fluctuating rates.

pennypincher3562

Hi Zygurat789

Thanks for the quick response. I have to admit I'm pretty ignorant of tax affairs, and am still learning. I may have used the wrong jargon in my original post.

I have read that trade journals are tax deductible. To me with my limited knowledge 'tax deductible' infers I will end paying less tax?

Article on Tax Deductible Trade Journals:
http://images.businessweek.com/ss/09/02/0217_unsung_deductions/3.htm

I've made a meagre profit my self employment, but will end up paying 40% tax (due to day job.)

Of course I would like try pay less (if possible.)

Cheers
PennyPincher3562

Regshoe

Aha - the terminology you were using in your other thread (see my response) makes a bit more sense now - that's a US article, so not relevant to filling out a UK tax return.

You may find a lot of overlap in what is allowable in each country, but there are definitely differences - make sure you rely on UK based sources (e.g. HMRC for starters) when filling in a UK tax return!