untied, fixed assets, capital allowances and depreciation
From time to time you may buy "fixed assets" - equipment and machinery that is intended to last a long time, or a scooter or van to be delivering things.
General rule - follow the money
untied works on what is known as the "cash basis". In broad terms, you just follow the money.
When you pay for something, it's an expense.
(Typically larger businesses spread the cost over several years - it's called depreciation in accounting terms, or capital allowances in tax terms. They also need to worry about whether a contract is a rental contract or a purchase contract. You generally don't.)
Cars - mileage option
Cars are an exception. You generally can't claim the cost when you buy the vehicle.
Instead of the cost of cars, for many people it makes sense to be claiming mileage. This covers the vehicle, fuel, insurance etc. This is supported in untied. See this article.
Cars - capital allowances
There is another option to claim capital allowances in untied. This would typically need a professional advisor like an accountant to calculate the capital allowance - and if appropriate the business share.
The numbers can be entered into untied in the self-employment pages of untied in the browser (first tick to indicate that you want to see more options):
Then scroll down.
What untied doesn't support
untied does not support fixed asset registers (you'll need to manage this separately so you have a list of what you own). Remember as well that untied is intended for individuals with turnover of £90k or under.
What's a capital gain?
You probably want to be here.