Question asked by MR ALISTAIR GORE 1 month ago
Hello I'm a childminder and a landlord. Aa a childminder in am allowed to claim 10% wear and tear off my gross income. How do ienter this on MTD?
Same question to the fact I also claim a percentage of water bill and energy bills.
How do I enter this?
Hi Alistair,
In this case, you will require two separate accounts, a Sole Trader account type as well as a Landlord account type. For the wear and tear, this can be entered as an adjustment at the year end as part of the MTD Tax Return account. Although not required, as there is no transaction occurring to be recorded, if you want to record this monthly or quarterly perhaps, you can post a manual expense based on the income for that month/quarter.
For the water and energy bills, if you: 1) Explain from bank statements - you must enter business amount coded to the Heat and Lighting account code and the remainder to personal transactions/drawings. 2) Manual expense entry - you must enter the business amount as an expense.
Tommy
Best answerThanks for the quick reply, I think I understand now
You must 