The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Tools bought into a business
Post Info TOPIC: Tools bought into a business
Silly Digits


Senior Member

Status: Offline
Posts: 200
Date:
Tools bought into a business
Permalink Closed

I have a client who started business this year and has bought some of his own tools into his business.  Sole trader, non VAT registered.  He has no receipts.  Value if replaced new about £400.  Would anything be able to go against his tax.  As a capital allowance/AIA?



__________________
RobH


Expert

Status: Offline
Posts: 1963
Date:
Permalink Closed

introduce into the pool at market value, dr assets, cr, capital introduced. Claim capital allowances.

Rob

__________________
Rob
www.accounts-solutions.com
Silly Digits


Senior Member

Status: Offline
Posts: 200
Date:
Permalink Closed

Rob

When claiming on the SA tax return.

As my client only started in business in Jan 10 and his year end is 5 April would you just put a WDA of 20% of the market value of the tools?



__________________
RobH


Expert

Status: Offline
Posts: 1963
Date:
Permalink Closed

Yes but you should proportion over the period, so if he introduced on 1st Jane, then that would be 95/365 X £80 =£21.

Rob

__________________
Rob
www.accounts-solutions.com
Denise


Senior Member

Status: Offline
Posts: 142
Date:
Permalink Closed

Has Jane been on your mind a lot lately, Bobbybiggrin.gif

__________________
Denise
www.niftynumbers.co.uk
RobH


Expert

Status: Offline
Posts: 1963
Date:
Permalink Closed

I'm sure she has (but I don't know who Jane was and I've just googled characters from Dallas!)...anyway I prefer cats in Primark bags!

__________________
Rob
www.accounts-solutions.com
Denise


Senior Member

Status: Offline
Posts: 142
Date:
Permalink Closed

Primani cat. We shop at all the elite places.

" Jane " was referring to your typo.



__________________
Denise
www.niftynumbers.co.uk
RobH


Expert

Status: Offline
Posts: 1963
Date:
Permalink Closed

Ah being a bit slow today!

My 12 year old daughter likes taking me there..it's like a crowded night club, girls from 14 to 50 dressed in gold spangly skimpy stuff (Shaun will be checking this place out at the weekend!) and with blaring music.

__________________
Rob
www.accounts-solutions.com
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink Closed

You had me right up until the blaring music bit.

I seem to have a bit of a strange brain that gets wiped by music. Have to write down exactly what I want on my hand before I brave HMV!

Talking, shouting children running amok, TV. No problem at all. Put a music track on and it's like hitting my reset button.

Mind you, if there are scantily clad women walking around I'm sure that I would soon remember why I had gone in biggrin....

After that last line just thought of changing my Avatar to Quagmire but figure that we've not quite done with the Dallas theme yet.... Family Guy. Now there would be a good theme and certainly enough characters for us.


__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Denise


Senior Member

Status: Offline
Posts: 142
Date:
Permalink Closed

Well I am at the top end of your ages Rob, and I definitely don't walk around there in my gold spangly skimpy stuffjawdrop.gif. .......I prefer to wear them at the nightclubbiggrin.gif


Apologies to Silly Digits for totally going off her topic.

-- Edited by Denise on Friday 30th of April 2010 01:44:56 PM

__________________
Denise
www.niftynumbers.co.uk
Peasie


Expert

Status: Offline
Posts: 1707
Date:
Permalink Closed

Shamus wrote:

Mind you, if there are scantily clad women walking around I'm sure that I would soon remember why I had gone in biggrin....

.......for the scantily clad women walking about?

I'll get me coat.

 



__________________

Never buy black socks from a normal shop. They shaft you every time.

http://www.smbps.co.uk/
Silly Digits


Senior Member

Status: Offline
Posts: 200
Date:
Permalink Closed

Thanks Rob for your answer.

You lot are showing your age, mind you, I know what you mean.





__________________
Silly Digits


Senior Member

Status: Offline
Posts: 200
Date:
Permalink Closed

Denise

Don't worry about going off the topic Denise, it made me laugh, and took my mind off capital allowances.

__________________
semsley


Guru

Status: Offline
Posts: 1329
Date:
Permalink Closed

I adore Family Guy. Been trying for ages to get a Stewy outfit for the grandson.

__________________

Advice from beyond the grave!!!

E&OE
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Tools bought into a business
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About