Expenses differ to amount uploaded
Question asked by Helen Nash 1 month ago
Hi, I'm confused by the difference in the uploaded expenses amount to what is shown in the reported expenses total. Can anyone explain why this might be? Thanks
Hi Helen,
I noticed you have created a custom account code; Toys and Equipment under fixed assets. Fixed assets aren't included as allowable expenses in the Quarterly returns.
Tommy
Best answerHi Helen,
We will require an example expense that is not being shown on the Quarterly return in order to investigate this.
Tommy
Hi Helen,
I noticed you have created a custom account code; Toys and Equipment under fixed assets. Fixed assets aren't included as allowable expenses in the Quarterly returns.
Tommy
Best answerThanks for your reply, I’ll take a look at this later to see if that explains the difference. Would a fixed asset be reported on the final tax return rather than quarterly then?
Hi Helen,
No problem, and yes fixed assets are instead reported as part of your Final Declaration at the end of the tax year. This year-end process allows you to confirm your final figures, claim appropriate capital allowances.
Tommy
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