Asset accounts?

StephenAtkinson

Hello,

Can I use Crunch to record my asset purchases?

Sometimes when I pay for something with my business bank account, it is not a typical ‘business expense’; it is an asset purchase (new piece of machinery, etc.). I don’t want to register this as a business expense. I plan to include it in an asset pool on my Self Assessment, and deduct it little-by-little over the years from my taxable income.

Is it possible to record this sort of purchase using Crunch?

Thank you
Stephen

TomFromCrunch

Hi Stephen!

Crunch will automatically count the expense as a whole against your Self Assessment if you choose to file this through Crunch. Assets are recorded as expenses using the category ‘equipment costs’, so you can record the asset that way, but sadly there isn’t a way to spread the tax relief over multiple years (unless it’s also paid for over multiple years).

Hope this clears things up nonetheless!

Thanks
Tom

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