ME and my husband started patnership business in Aug 2009. Can anyone suggest shall i make my first financial year upto 31/03/10 in order to get with tax year. And than 2nd FA would be from 01/04/10 to 31/03/11
Also can i claim depreciation for car which is 80% used for business.
Yes you can have your year end to tie in with tax years.
You can claim capital allowances for the value of the car. Generally this is going to be at 20% of the value each year. You would then only claim for 80% of the calculated allowance to take into account the personal use.
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
