Computer purchase as Plant & Machinery – quarterly vs end-of-year MTD

Question asked by Paul Masri-Stone 3 days ago

I recently bought a new computer (> £1000). Clear Books suggested this should be logged as Plant & Machinery, even though I plan to write the full amount off within the same accounting year. I went with its suggestion.

I'm reviewing my first quarterly MTD and it doesn't appear in there. From a bit of reading, it looks like it gets excluded from the quarterly MTD but should automatically make it into the end-of-year MTD tax return. Is that correct? If not, please let me know how I should be handling this instead.

Also, how do I handle the write-off / 100% depreciation so that I don't have to depreciate it over the subsequent years?

mtd
computer
Write reply2

2 Replies

Hi Paul,

I have taken a look, as you are using the cash basis, it is acceptable to post this to an expense account, such as Repairs and Maintenance, if you would like this to be included as an expense in your Q1 calculation.

Tommy

Best answer
3 days ago

Reply to this question

Attach images by dragging and dropping or upload
 

Your comments will be public and can be answered by anyone in the Clear Books community.

Find out what we do and who we are

Apps

Company

Social