categorisation of tangible assets

categorisation of tangible assets

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Hi,

I have a very small start up ltd business that hires out washable nappies. I am just completing the CT forms, and I have to categorise the tangible assets (nappies!) that I hire out in the statutory notes to the accounts, and put their value in the right place. They don't seem to fall into any of the HMRC categories, and I am trying to decide where to put them - I can't find any examples of assets that are hired out, but it must be quite a common question.

I have been trying to ring the tax office all day, but seemingly continuously engaged... advice greatly appreciated.

Thanks!

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By Chris Smail
18th Sep 2012 01:03

No No No no nO

You do the accounts first - for companies house

Then you do the tax return for HMRC

HMRC have no idea about accounting, (or tax for that matter) you may as well ask them what temperature to set your oven at for making bread.

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By Poppy123
18th Sep 2012 19:21

Thanks
That's right, accounts all done, months ago (but went for wrong option and didn't joint file by mistake) but companies house didn't require the same format for the notes, and I was using the HMRC software, so was bound by their templates. Finally got through though, and they said just put it under plant and machinery. All sorted. Thanks to everyone who bothered to read my enquiry. It is 200 deg C for fan ovens by the way, if anyone wondered.

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