Bought some equipement in Nov 2005 to be used in my business which started trading July 2006.
Can I claim the apportioned amount for 2006/07 useage at 40%?
2007-08-21 01:46:59 · 3 answers · asked by Spaceman 2 in Business & Finance ➔ Taxes ➔ United Kingdom
The above answer probably is not too practical. Small amounts of equipment can be expensed. I would recognize it in the year you started operations. It can all be capitalized and depreciated if you so not wish to expense it.. See your tax man for the specifics. You might want to buy a copy of the CCH Master Tax Guide. Larger libraries, or your county courthouse law library may have a copy.
2007-08-21 06:09:11 · answer #1 · answered by Bibs 7 · 0⤊ 0⤋
Yes , you can claim the first year allowance in the first year of usage even though you bought it in the preceding years but there is also a limit . I think 7 or less than 7 years old equipment, plant and machinery can be brought into use and allowance can be claimed.
2007-08-21 12:15:02 · answer #2 · answered by M.A.W. 3 · 0⤊ 0⤋
yes, but you need to bring the equipment in at july 06 value, not the value you bought them at in nov 05.
2007-08-21 02:42:50 · answer #3 · answered by Paul S 5 · 0⤊ 0⤋