End of year tax books

[Meady]

I do my end of year books myself and don't use an accountant, and I was just wondering today that when you do your ccn1 +appliances you can take the cost of the course off of your earnings, but can you also book down the loss of earnings from not being at work for the time you are there? Cheers

 

[AlexGas]

I don’t think so. Cos, would you do the above if your van’s packed up, holidays, time off sick, no work, got stuck in traffic, lunch break, queuing at the merchants, bad weather!? Don’t think so.

 

[Ray Stafford]

Surely your tax position is based on income less deductible expenses?

In which case your income is already reduced as a result of not earming
during the course.

 

[townfanjon]

^^^^^^^ yep ,


the ACS is obviously classed as a business expense and obviously helps offset the tax you pay.

Time taken off doing it ... Nope

 

[rocketmanbkk]

You can't deduct loss of earnings as who says you'd be fully booked.

 

[Scott_D]

Anyone know how it works if you have a non payer, can you put this as some sort of loss?

 

[rocketmanbkk]

You don't put through all invoices.

You put through what's paid.

My accountant said this is correct, if you invoice £50k but only get £30k in it'd be wrong to declare £50k & pay tax on £20k you've never seen.

Keep it simple.

 

[lame plumber]

non payers can be shown on a balance sheet if you use one but most wouldnt be going that deep into accounting systems as a sole trader. If your having to ask questions like this, I'd be advising you to use an accountant, they can do an awful lot more for you than youll ever know and a £300 fee can probably result in a couple of grands worth of savings which more than pays for the fee, which is also tax deductable