you're about two years late, mate
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| Capital purchase tax allowances http://taxi-driver.co.uk/phpBB2/viewtopic.php?f=8&t=30291 |
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| Author: | wannabeeahack [ Tue Nov 22, 2016 11:24 am ] |
| Post subject: | Capital purchase tax allowances |
I read the old 4 year tax write down (40% year 1 then 3 x 20%) has been replaced with an 8% allowance per year..or 18% for low CO2 emissions vehicles. Anyone encountered this yet? |
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| Author: | o-marek [ Tue Nov 22, 2016 4:27 pm ] |
| Post subject: | Re: Capital purchase tax allowances |
you're about two years late, mate
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| Author: | wannabeeahack [ Tue Nov 22, 2016 5:22 pm ] |
| Post subject: | Re: Capital purchase tax allowances |
o-marek wrote: you're about two years late, mate aint bought new for 2 years...lol heres the confusing bit Quote: 5. Business cars You can claim capital allowances on cars you buy and use in your business. This means you can deduct part of the value from your profits before you pay tax. Use writing down allowances to work out what you can claim - cars don’t qualify for annual investment allowance (AIA). Quote: You can claim AIA on these items apart from cars. Only claim writing down allowances at 8% if you’ve already claimed AIA on items worth a total of more than the AIA amount.(£200,000) Quote: Assets with a short life You decide whether something has a life of less than 8 years. You can’t include: cars items you also use outside your business special rate items There might be dispentation or adjustments for cars bought for use as taxis (tools of a trade), lets face it, they get wrecked quick...although buy at £20K and sell in 5 years for £5K and youve got £15K worth of depreciation plus the interest on any HP... |
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