Any accountant nerds on here?
- Thread starter Shinydaz
- Start date
Monstermug
Active member
Send me a pm if you want to, I wont send people to sleep
What do you want to know, the formula is for calculating depreciation of an asset over a set period of time starting at highest and reducing over each subsequent period, it’s Future Value = Present Value x 1+ Interest or depreciation if negative figure (as it is here)^n (number of periods, weeks/months/etc..
Monstermug
Active member
To be honest, depreciation is usually just for the accounts preparation. When doing tax calculations on income/corporation tax all this gets added back and you will have to use HMRC capital allowances instead which is their version of depreciation. A lot of the stuff qualifies for AIA anyway. It's the tax calculation including adjustment to trade profits that should be more of a concern to tax payers.
No nothing about that stuff either, it could be in another language and understand it as much
One thing i wondered though, according to hmrc, if you sell anything for more than you paid you should declare it to them so the can tax you
Got me thinking that did, so do we get money back from them when all the items we buy new depreciates
One thing i wondered though, according to hmrc, if you sell anything for more than you paid you should declare it to them so the can tax you
Got me thinking that did, so do we get money back from them when all the items we buy new depreciates
Monstermug
Active member
Bods said:No nothing about that stuff either, it could be in another language and understand it as much
One thing i wondered though, according to hmrc, if you sell anything for more than you paid you should declare it to them so the can tax you
Got me thinking that did, so do we get money back from them when all the items we buy new depreciates
Currently, the annual exempt amount is £12,000 so no capital gains tax on anything that doesn't go above this amount. Also if any, one item is less than £6000 you don't even have to report it. However if its part of a collection i.e. a whole complete set of Nintendo games then the whole collection counts as one item. There are other rules and exemptions but just highlighting the basics. As for losses yes you can report losses on your tax return and have it offset against any gains.
Monstermug2020-01-09 23:55:18