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I am trying to understand where the capital allowance figure on my last year's balance sheet comes from, so to try to help me obtain that exact answer i outline the return made to the inland revenue for 31st March 2010.
Self Employment Details;
Gross Profit £10,272
Cost of sales £267
Premises Costs £80
Motor Expenses £2888
Travel & Subsistence £122
Legal & professional £299
£4505 net profit
to net profit
allowance for small
expenditure £542 -
net profit for tax
The General Administrative Expenses figure of £1495 is made up of the following;
Stationery & Advertising £477
Use of House £500
Sundry Expenses £51
From the self assessment figures from the tax year ending 31st March 2009
I note that the Capital Allowance figure introduced was £485
I supplied the accountant with a cash book with columns with the various headings
i then enter the various amounts detailed here accompanied by all the invoices.
But despite what you say so far, I still can't understand how arithmetically the
capital allowance figure of £542 is arrived at from the figures i have supplied in this past tax year. Can you tell me, and that will give me hopefully MY ANSWER.
P.S. In the first reply i sent i think in the expenses column i may have entered
the figure of £299 legal and professional expenses twice by error.