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Capital/revenue expenditure

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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!

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By johngroganjga
30th Jun 2020 12:08

Yes basically, apart from any revenue expenses that aren't allowable - entertaining, depreciation etc.

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By Anonymous.
30th Jun 2020 12:08

ecs21 wrote:

I was hoping to save the cost of an accountant!

I'm the same. I never pay a photographer.

Are you absolutely sure that you have done everything else correctly? If you had an accountant you might well find you were able to make savings over and above the fees. You'd also have the comfort of knowing that you won't have an HMRC investigation years from now which could cost an arm and a leg.

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Replying to Anonymous.:
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By ecs21
30th Jun 2020 12:12

Yeah maybe you’re right...

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Replying to ecs21:
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By Anonymous.
30th Jun 2020 12:17

ecs21 wrote:

Yeah maybe you’re right...

I usually am.

The time to be getting things right is at the outset of any new business venture.

Travel costs would be one area on which that you might get profitable advice from an accountant, for example.

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Hallerud at Easter
By DJKL
30th Jun 2020 12:14

Maybe.

It is however akin to me saying I have the wedding party in frame for a shot as I am saving money on the photos at the wedding, I do not seem to have a tree sticking straight up from the bride's head, I do not discuss brightness with you, position of the sun etc but I am asking you if it will be a good wedding photo.

You might be able to help me if you popped around and showed me how to take the first picture, in similar vein you might think talking to an accountant for the first year might be a good idea.

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By Tim Vane
30th Jun 2020 12:16

Don't forget any private use. And before you say there is no private use, just be aware that it might be useful if there were some, depending on your circumstances. And don't worry about not wanting to pay an accountant; just be aware that it might be a costly saving.

Thanks (1)
By Paul D Utherone
30th Jun 2020 12:34

ecs21 wrote:

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!

Probably (and for posterity)

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Psycho
By Wilson Philips
30th Jun 2020 13:00

ecs21 wrote:

I was hoping to save the cost of an accountant!


At least you're honest
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By Tax Dragon
30th Jun 2020 14:03

Anyone remember trade, profession, vocation? Tim?

Photography is a profession.

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