Basic Sole Trader Last Year Figures Brought Forward

This article explains how you record last year's figures in this current year's Basic Sole Trader package

To record last year's figures in this year's package, do the following:

Your Losses carried from last year's Business Details > O34 would be copied to this year's Business Details > D29

In Fixed Assets, the date purchased, description and original cost would be copied over.

Where entries has been in the New Fixed Assets section last ear they would be in the Existing Fixed Assets section this year.

Once the basic data is in there the closing Written Down Tax Value from last year (values in column M) is copied to the opening Written Down Tax Value (column I).

For most small businesses you'll have used the full Annual Investment Allowance to claim the full value of everything except vehicles in the year of purchase against tax.

This means your opening Written Down Tax Value is likely to be zero for most assets.

 

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