Question asked by John Sinclair 1 week ago
I am a photographer (sole trader) and trying to record a recent camera equipment purchase as an expense. I've read about fixed assets but whatever I do the expense does not seem to show up in my overall expenses in Clear Books. Am I doing something wrong?
Hi John,
If you are on an accrual basis, for fixed asset purchases, this will be reported as Capital Allowances at the year-end on your Making Tax Digital (MTD) tax return.
However, if you are on a cash basis, this can just be recorded as an expense, using an expense account such as repairs and maintenance.
Tommy
Best answerThanks Tommy!
You must 