In 2019/20 I set up a new business as a photographer which I'm running as a sole trader. I'm trying to do my tax return and wanted to make sure I'm accounting for my expenses correctly; my accounts are on an accruals basis.
I classified all my expenses as either revenue or capital. Capital being things like my camera which I plan to use for more than 1 year.
On my return I've put all my capital expenditure within the Annual Investment Allowance box as the total is within the allowance limit.
All my revenue expenses I've put in the Total Allowable Expenses box.
Does this sound right?
I was hoping to save the cost of an accountant!