Bookkeeping and record keeping
Modern bookkeeping systems generally calculate depreciation for you, but ensure you have chosen the right settings to apply the simplified depreciation rules.
In line with the record-keeping requirements for taxpayers generally, you must keep records for five years of:
The detailed rules and how to calculate depreciation under the simplified depreciation rules for small businesses – for bookkeepers, tax practitioners and others who are applying or advising on simplified depreciation.
- how you worked out your opening pool balance
- any change in how much you use the asset in your business
- any assets you dispose of.