glock339
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RE: Claiming materials & consumables as expenses when making something for your business
Hi correct me if I'm wrong but I thought when you are CASH BASIS you do not use the Capital Expenses method or have I got the wrong end of the stick? On the HMRC website it states the following: "Examples of allowable business expenses if you’re using cash basis are: day to day running costs, such as electricity, fuel admin costs, for example stationery things you use in your business, such as machinery, computers, vans interest and charges up to £500, for example interest on bank overdrafts buying goods for resale" Thanks. -
Claiming materials & consumables as expenses when making something for your business
Hi looking for clarification if possible please. I run a small business from home (sloe trader cash basis) & I'm currently building a load of stuff such as racking for stock & an area for processing orders, all of which I'm building my self. I'm wondering what if any will I be able claim as expenses on my Tax Return such as: Actual materials used: Timber, screws, bolts, paints, glues etc Consumables used up in the process: saw blades, drill bits, sand papers, grinding discs etc Things I have built into the room which will only be used for business: packing bench, desk area, wash down sink area (with plumbing), electrics specifically installed for business use etc Hope this makes sense, I can elaborate if not. Thanks.