10% Wear and Tear - help

[mikey]

Hi
Can anyone explain to me how to deduct my 10% wear and tear for the year.

see example

Earnings are £15000 per year
Expenses etc is £8000
That means profit is £7000

What does the 10% come off of? Is it the £15000 earnings or the £7000 profit?

[minniemoo]

hi
in the info i was given from a ldy from the inland rev it says you can claim 10 per cent of a childminders full income for wear and tear so i would presume thats the first expense you would take off hope this makes sense
anne-marie x

[Pauline]

Yes you are right minnie moo, the wear and tear is calculated on your gross income then put into your expenses.

Welcome Mikey, hope that helps you.