12 November 2009
, Author - Allan Kent
Although we are not often asked during the ‘consultation’ stage, it is worth knowing in advance the tax situation for some of the main costs involved in a website project. Hopefully this short information sheet will shed some light on the topic.
In very broad terms, costs that give long term benefits but are incurred as a one off are generally considered to be capital items. They can therefore be treated as assets and depreciated according to set depreciation rates.
On the other hand some items are considered as expenses and are not subject to capitalisation. Depreciation can not be applied therefore to such items.
From our understanding of the situation, it can be summarised as follows:
Labyrinth recommend talking to your Accountant or Financial Advisor as this type of information is liable to change.
Evans Accounting & Business Services Ltd
2:28 p.m. Monday, 2 November 2009
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