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Post Info TOPIC: Self employed for 1 mth of tax yr, just checking
StuartAnder


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Self employed for 1 mth of tax yr, just checking
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Hi Just want someone to check, I'm just helping my dad do his tax comp and return. He was employed more most of 2011/12 but was self employed for the last month of this tax yr (march) I assume he takes his p60 with his earning for that tax ur and works out his profit for the one month. Can he claim capital allowance for just the 1 month and WDA on his capital allowances?? Anthony else h should think about?? Many thanks Stuart

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Don Tax


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Hi Stuart,

If it's a continuing self-employment, it might be more efficient to postpone claiming any capital allowances until there are greater profits. This may not matter very much if you don't think he'll enter a higher tax or N.I. bracket. If there are a number of assets, then you can consider disclaiming one or more of them. It looks like he's in continued employment alongside the trade, so it may be just a question of considering an applying for exception from N.I. contributions.

Regards,
Tim



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