The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Self Assessment - Capital allowances for part year self employed
Post Info TOPIC: Self Assessment - Capital allowances for part year self employed
Lyndsey


Senior Member

Status: Offline
Posts: 321
Date:
Self Assessment - Capital allowances for part year self employed
Permalink Closed

Hi

Are there any special rules that I should be aware of with regards to claiming capital allowances for partial year self employment?

 

The situation I have is as follows:

 

Client was self employed for last 6 months of tax year, and is no longer self employed & in paid employment now

Earnings are very low - profit around £2000 for the 6 months

Capital expenditure of £500 on a number of tools i.e. power drills, so way under the AIA 

 

Can I write off the full £500 as a AIA or can I only do a portion as he has only been self employed for part year?



__________________
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink Closed

Hi Lyndsey.

Oops, almost replied incorrectly before I noticed the line about him no longer being self employed which changes things completely (the first reply was as if he had become self employed rather than beome employed).

Sorry, neither AIA or WDA is available at all in the year of cessation of the business.

kind regards,

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.
Lyndsey


Senior Member

Status: Offline
Posts: 321
Date:
Permalink Closed

Ahh I knew there would be a catch! That does make sense...

He was actually "self employed" up until the end of April, so has some self employed income in 2013-14 tax year, which (I think I am correct in saying) I will have to do a return for him next year. Would that make any difference?

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Self Assessment - Capital allowances for part year self employed
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