I have been struggling to get a clear answer on this for a while and am hoping the forum can help.
A client has introduced, as part of his capital contribution tools that he owns into his self employed business (£5000). Would he be eligable for the annual investment allowance of £5000?
before answering the question directly, how did you arrive at valuation (£5000) and what evidence do you have to support the valuation?
Also, are the tools used wholly, necessarily and exclusively for the purpose of the business.
Shaun.
P.S. Welcome to the forum.
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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.
well, small pool allowance (for introductions under £1000) is out of the window as a suggestion then!
unfortunately the AIA is not available for items purchased prior to the start of trading (unlike some other allowances which assume assets purchased on the first day of trading where they were purchased in the period of up to seven years prior to the start of trading).
Another one of those scenario's where clients make assumptions without consulting a professional first and it costs them later!
HTH,
Shaun.
__________________
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.
