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.

How to handle this in untied - if it's not a car

To record this in untied, simply claim the asset as a business expense. That's it. Follow the money - untied users are on the cash basis which means you get the cost when you buy the item.

(Typically larger businesses spread the cost over several years - it's called depreciation in accounting terms, or capital allowances in tax terms.)

Cars and other exceptions

Cars (and just cars) are more complicated, and if you want to claim the cost you would typically need a professional advisor like an accountant to calculate the capital allowance - and if appropriate the business share. untied does not support claiming the cost of a car in this way. 

Instead for 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.

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 turning over under £85k.

What's a capital gain?

You probably want to be here.