Self assessment catagories

davynorthside

Trying to complete self assed tax form 11 but finding a lot of the catagories not very clear, ie where do the following costs get entered?

Fuel
Motor repairs
Road tolls
website related costs
Purchase of a car

Taxi driver here by the way and would appreciate any help
Many thanks

paul71

davynorthside wrote: »

Trying to complete self assed tax form 11 but finding a lot of the catagories not very clear, ie where do the following costs get entered?

Fuel
Motor repairs
Road tolls
website related costs
Purchase of a car

Taxi driver here by the way and would appreciate any help
Many thanks

I assume you are filling out the "extract from accounts" section, if that is the case and since you are Taxi Driver I would put Fuel, motor repairs, and tolls into purchases the total of which is subtracted from Sales to give you your gross profit. Website related expenses I would put into other expenses.

The purchase of a car is not an expense you can claim in 1 tax year, you have to claim it over a couple of tax years in the "Capital allowances section".

The rate of capital allowances is normally 12.5% of the cost of the capital item per annum until it is fully written off, however the capital allowance rate for a car used as a taxi is 40%. In effect you claim 40% in year 1, 40% in year 2 and 20% in year 3.

davynorthside

That's a big help. Thanks Paul